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Time matters less when outcomes differ : uni-modal versus cross-modal comparisons in intertemporal choice

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Cubitt, Robin, McDonald, Rebecca and Read, Daniel (2018) Time matters less when outcomes differ : uni-modal versus cross-modal comparisons in intertemporal choice. Management Science, 64 (2). pp. 873-887. doi:10.1287/mnsc.2016.2613

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Official URL: http://dx.doi.org/10.1287/mnsc.2016.2613

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Abstract

Unimodal intertemporal decisions involve comparing options of the same type (e.g., apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g., a car now versus a vacation later). As we show, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are unimodal or cross-modal. We test this restriction in an experiment using the delayed compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for nonmonetary and discrete outcomes, as well as for both cross-modal and unimodal comparisons. Participants were much more averse to delay for unimodal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multiattribute choice, the other drawing on construal-level theory.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Economics -- Psychological aspects, Choice (Psychology), Delay discounting (Psychology), Decision making
Journal or Publication Title: Management Science
Publisher: Institute for Operations Research and the Management Sciences (I N F O R M S)
ISSN: 0025-1909
Official Date: February 2018
Dates:
DateEvent
February 2018Published
16 February 2017Available
27 April 2016Accepted
Volume: 64
Number: 2
Page Range: pp. 873-887
DOI: 10.1287/mnsc.2016.2613
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access
Is Part Of: ESRC: ES/K002201/1 Leverhulme: RP2012-V-022]

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