ROBIN CUBITT robin.cubitt@nottingham.ac.uk
Professor of Economics & Decision Research
Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice
Cubitt, Robin P.; McDonald, Rebecca; Read, Daniel
Authors
Rebecca McDonald
Daniel Read
Abstract
Uni-modal intertemporal decisions involve comparing options of the same type (e.g. apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g. a car now versus a vacation later). As we explain, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are uni-modal or cross-modal. We test this restriction in an experiment using the delayed-compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for non-monetary and discrete outcomes, as well as for both cross-modal and uni-modal comparisons. Participants were much more averse to delay for uni-modal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multi-attribute choice, the other drawing on construal level theory.
Citation
Cubitt, R. P., McDonald, R., & Read, D. (2018). Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice. Management Science, 64(2), https://doi.org/10.1287/mnsc.2016.2613
Journal Article Type | Article |
---|---|
Acceptance Date | Apr 27, 2016 |
Online Publication Date | Feb 16, 2017 |
Publication Date | Feb 28, 2018 |
Deposit Date | Jul 4, 2016 |
Publicly Available Date | Feb 16, 2017 |
Journal | Management Science |
Print ISSN | 0025-1909 |
Electronic ISSN | 1526-5501 |
Publisher | INFORMS |
Peer Reviewed | Peer Reviewed |
Volume | 64 |
Issue | 2 |
DOI | https://doi.org/10.1287/mnsc.2016.2613 |
Public URL | https://nottingham-repository.worktribe.com/output/917018 |
Publisher URL | http://pubsonline.informs.org/doi/10.1287/mnsc.2016.2613 |
Related Public URLs | http://pubsonline.informs.org/journal/mnsc |
Files
Cubitt McDonald Read Man Sci 2018 journal version.pdf
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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0
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