The Experts below are selected from a list of 6549 Experts worldwide ranked by ideXlab platform
Mieke Verfaellie - One of the best experts on this subject based on the ideXlab platform.
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using future thinking to reduce temporal discounting under what circumstances are the medial temporal lobes critical
Neuropsychologia, 2016Co-Authors: Daniela J Palombo, Margaret M Keane, Mieke VerfaellieAbstract:The capacity to envision the future plays an important role in many aspects of cognition, including our ability to make optimal, adaptive Choices. Past work has shown that the medial temporal lobe (MTL) is necessary for decisions that draw on episodic future thinking. By contrast, little is known about the role of the MTL in decisions that draw on semantic future thinking. Accordingly, the present study investigated whether the MTL contributes to one form of decision making, namely Intertemporal Choice, when such decisions depend on semantic consideration of the future. In an Intertemporal Choice task, participants must select either a smaller amount of money that is available in the present or a larger amount of money that would be available at a future date. Amnesic individuals with MTL damage and healthy control participants performed such a task in which, prior to making a Choice, they engaged in a semantic generation exercise, wherein they generated items that they would purchase with the future reward. In experiment 1, we found that, relative to a baseline condition involving standard Intertemporal Choice, healthy individuals were more inclined to select a larger, later reward over a smaller, present reward after engaging in semantic future thinking. By contrast, amnesic participants were paradoxically less inclined to wait for a future reward following semantic future thinking. This finding suggests that amnesics may have had difficulty "tagging" the generated item(s) as belonging to the future. Critically, experiment 2 showed that when the generated items were presented alongside the Intertemporal Choices, both controls and amnesic participants shifted to more patient Choices. These findings suggest that the MTL is not needed for making optimal decisions that draw on semantic future thinking as long as scaffolding is provided to support accurate time tagging. Together, these findings stand to better clarify the role of the MTL in decision making.
Mansur Khamitov - One of the best experts on this subject based on the ideXlab platform.
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Compared to Dematerialized Money, Cash Increases Impatience in Intertemporal Choice
Journal of Consumer Psychology, 2019Co-Authors: Rod Duclos, Mansur KhamitovAbstract:When it comes to trading time for money (or vice versa), people tend to be impatient and myopic. Often dramatically so. For illustration, half of people would rather collect $15 now than $30 in three months. This willingness to forego 50% of the reward to skip a 3-month wait corresponds to an annual discount rate of 277%. This article investigates how money’s physical form biases Intertemporal Choice. We ask, what happens to (im)patience (i.e., discount rates) when time is traded against cash rather than against an equivalent sum of dematerialized money? We find that Intertemporal decisions pitting time against cash (rather than against dematerialized money) increase impatience. The underlying mechanism relates to the pain of parting from money. Letting go of cash (dematerialized money) we can have now is psychologically more (less) painful, which in turn reduces (increases) our willingness to wait for larger-later payoffs. Importantly, heightening prevention focus (i.e., concerns for safety and security) moderates this bias. The article concludes by discussing the implications of the research, particularly for the psychology of saving behavior.
Jeffrey Pfeffer - One of the best experts on this subject based on the ideXlab platform.
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Intertemporal uncertainty avoidance when the future is uncertain people prefer the present and when the present is uncertain people prefer the future
Management Science, 2017Co-Authors: David J Hardisty, Jeffrey PfefferAbstract:Three studies explored the effects of uncertainty on people’s time preferences for financial gains and losses. In general, individuals seek to avoid uncertainty in situations of Intertemporal Choice. While holding the expected value of payouts constant, participants preferred immediate gains and losses if the future was uncertain, and preferred future gains and losses if the present was uncertain. This pattern of preferences is incompatible with current models of Intertemporal Choice, in which people should consistently prefer to have gains now and losses later. This pattern of uncertainty avoidance is also not explained by prospect theory models, which predict risk seeking for losses. We discuss these findings in relation to previous literature. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2015.2349. This paper was accepted by Yuval Rottenstreich, judgment and decision making.
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Intertemporal uncertainty avoidance when the future is uncertain people prefer the present and when the present is uncertain people prefer the future
Social Science Research Network, 2015Co-Authors: David J Hardisty, Jeffrey PfefferAbstract:Three studies explored the effects of uncertainty on people’s time preferences for financial gains and losses. In general, individuals seek to avoid uncertainty in situations of Intertemporal Choice. While holding the expected value of payouts constant, participants preferred immediate gains and losses if the future was uncertain, and preferred future gains and losses if the present was uncertain. This pattern of preferences is incompatible with current models of Intertemporal Choice, in which people should consistently prefer to have gains now and losses later. This pattern of uncertainty avoidance is also not explained by Prospect Theory models, which predict risk seeking for losses. We discuss these findings in relation to previous literature.
Daniela J Palombo - One of the best experts on this subject based on the ideXlab platform.
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using future thinking to reduce temporal discounting under what circumstances are the medial temporal lobes critical
Neuropsychologia, 2016Co-Authors: Daniela J Palombo, Margaret M Keane, Mieke VerfaellieAbstract:The capacity to envision the future plays an important role in many aspects of cognition, including our ability to make optimal, adaptive Choices. Past work has shown that the medial temporal lobe (MTL) is necessary for decisions that draw on episodic future thinking. By contrast, little is known about the role of the MTL in decisions that draw on semantic future thinking. Accordingly, the present study investigated whether the MTL contributes to one form of decision making, namely Intertemporal Choice, when such decisions depend on semantic consideration of the future. In an Intertemporal Choice task, participants must select either a smaller amount of money that is available in the present or a larger amount of money that would be available at a future date. Amnesic individuals with MTL damage and healthy control participants performed such a task in which, prior to making a Choice, they engaged in a semantic generation exercise, wherein they generated items that they would purchase with the future reward. In experiment 1, we found that, relative to a baseline condition involving standard Intertemporal Choice, healthy individuals were more inclined to select a larger, later reward over a smaller, present reward after engaging in semantic future thinking. By contrast, amnesic participants were paradoxically less inclined to wait for a future reward following semantic future thinking. This finding suggests that amnesics may have had difficulty "tagging" the generated item(s) as belonging to the future. Critically, experiment 2 showed that when the generated items were presented alongside the Intertemporal Choices, both controls and amnesic participants shifted to more patient Choices. These findings suggest that the MTL is not needed for making optimal decisions that draw on semantic future thinking as long as scaffolding is provided to support accurate time tagging. Together, these findings stand to better clarify the role of the MTL in decision making.
Rod Duclos - One of the best experts on this subject based on the ideXlab platform.
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Compared to Dematerialized Money, Cash Increases Impatience in Intertemporal Choice
Journal of Consumer Psychology, 2019Co-Authors: Rod Duclos, Mansur KhamitovAbstract:When it comes to trading time for money (or vice versa), people tend to be impatient and myopic. Often dramatically so. For illustration, half of people would rather collect $15 now than $30 in three months. This willingness to forego 50% of the reward to skip a 3-month wait corresponds to an annual discount rate of 277%. This article investigates how money’s physical form biases Intertemporal Choice. We ask, what happens to (im)patience (i.e., discount rates) when time is traded against cash rather than against an equivalent sum of dematerialized money? We find that Intertemporal decisions pitting time against cash (rather than against dematerialized money) increase impatience. The underlying mechanism relates to the pain of parting from money. Letting go of cash (dematerialized money) we can have now is psychologically more (less) painful, which in turn reduces (increases) our willingness to wait for larger-later payoffs. Importantly, heightening prevention focus (i.e., concerns for safety and security) moderates this bias. The article concludes by discussing the implications of the research, particularly for the psychology of saving behavior.