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Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing

Tunney, Richard J.; James, Richard

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Authors

Richard J. Tunney



Abstract

We report the results of a pre-registered analysis of data from the English Longitudinal Study of Ageing that was designed to test the hypothesis that economic scarcity is associated with individual differences in decision-making. We tested this hypothesis by comparing time preferences for different socio-economic groups and in geographical areas ranging from the most deprived to the least deprived in England using the English indices of multiple deprivation. The data supported this hypothesis: people in the most deprived areas were more likely to prefer smaller-sooner rewards than people from the least deprived areas. Similarly, people in technical or routine occupations tended to prefer smaller-sooner rewards than people in professional or intermediate occupations. In addition, we found that gender, cognitive function and subjective social status also predicted time preferences. We discuss these results in the context of theoretical models of scarcity-based models of choice behaviour and decision-making.

Citation

Tunney, R. J., & James, R. (2022). Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing. Royal Society Open Science, 9(10), Article 220102. https://doi.org/10.1098/rsos.220102

Journal Article Type Article
Acceptance Date Sep 7, 2022
Online Publication Date Oct 26, 2022
Publication Date Oct 26, 2022
Deposit Date Sep 16, 2022
Publicly Available Date Oct 26, 2022
Journal Royal Society Open Science
Electronic ISSN 2054-5703
Peer Reviewed Peer Reviewed
Volume 9
Issue 10
Article Number 220102
DOI https://doi.org/10.1098/rsos.220102
Keywords Multidisciplinary
Public URL https://nottingham-repository.worktribe.com/output/11199975
Publisher URL https://royalsocietypublishing.org/doi/10.1098/rsos.220102

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