The Psychology of Intertemporal Discounting: Why are Distant Events Valued Differently from Proximal Ones? |
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| Authors: | Dilip Soman George Ainslie Shane Frederick Xiuping Li John Lynch Page Moreau Andrew Mitchell Daniel Read Alan Sawyer Yaacov Trope Klaus Wertenbroch Gal Zauberman |
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| Institution: | (1) University of Toronto, Toronto;(2) Temple University, Los Angeles;(3) Massachusetts Institute of Technology, Massachusetts;(4) Duke University, USA;(5) University of Colorado, Colorado;(6) London School of Economics and Political Science, London;(7) University of Florida, Florida;(8) New York University, New York;(9) INSEAD, Singapore;(10) University of North Carolina, Chapel Hill |
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| Abstract: | Research in intertemporal choice has been done in a variety of contexts, yet there is a remarkable consensus that future outcomes
are discounted (or undervalued) relative to immediate outcomes. In this paper, we (a) review some of the key findings in the
literature, (b) critically examine and articulate implicit assumptions, (c) distinguish between intertemporal effects arising
due to time preference versus those due to changes in utility as a function of time, and (d) identify issues and questions
that we believe serve as avenues for future research. |
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