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Tradeoffs between sequences: Weighing accumulated outcomes against outcome-adjusted delays
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Autores
Orientador(es)
Resumo(s)
We extend the recently proposed tradeoff model of intertemporal choice (Scholten & Read, 2010) from
choices between pairs of single outcomes to pairwise choices involving two-outcome sequences. The
core of our proposal is that choices between sequences are made by weighing accumulated outcomes
against outcome-adjusted delays. Thus extended, the tradeoff model offers a unified account of recently
discovered anomalies in pairwise choices involving two-outcome sequences, including (a) the hiddenzero
effect, in which explicit reference to the zero outcomes of the options increases patience, (b) the
front-end amount effect, in which the addition of a front-end amount to both options decreases patience,
and (c) the mere token effect, in which the addition of an early outcome to both options increases
patience. Not only does the extended tradeoff model accommodate these anomalies, it also correctly
predicts (d) violations of independence, (e) a reversal of the front-end amount effect, (f) the effect of
relocating the front-end amount to the back end of both options, and (g) a dependence of the “mere” token
effect on the magnitude of the token. In quantitative analyses, the extended tradeoff model offers an
accurate account of the data.
Descrição
Palavras-chave
Intertemporal choice Discounting Tradeoffs Sequences
Contexto Educativo
Citação
Journal of Experimental Psychology: Learning, Memory, and Cognition, May 7, doi: 10.1037/a0028216
Editora
American Psychological Association