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Time and outcome framing in intertemporal tradeoffs
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Autores
Orientador(es)
Resumo(s)
A robust anomaly in intertemporal choice is the delay–speedup asymmetry: Receipts are discounted
more, and payments are discounted less, when delayed than when expedited over the same interval. We
developed 2 versions of the tradeoff model (Scholten & Read, 2010) to address such situations, in which
an outcome is expected at a given time but then its timing is changed. The outcome framing model
generalizes the approach taken by the hyperbolic discounting model (Loewenstein & Prelec, 1992): Not
obtaining a positive outcome when expected is a worse than expected state, to which people are
over-responsive, or hypersensitive, and not incurring a negative outcome when expected is a better than
expected state, to which people are under-responsive, or hyposensitive. The time framing model takes a
new approach: Delaying a positive outcome or speeding up a negative one involves a loss of time to
which people are hypersensitive, and speeding up a positive outcome or delaying a negative one involves
a gain of time to which people are hyposensitive. We compare the models on their quantitative
predictions of indifference data from matching and preference data from choice. The time framing model
systematically outperforms the outcome framing model.
Descrição
Palavras-chave
Intertemporal choice Discounting Delay–speedup asymmetry Outcome framing Time framing
Contexto Educativo
Citação
Journal of Experimental Psychology: Learning, Memory, and Cognition, 39 (4), 1192-1212
Editora
American Psychological Association