Cited by 580Decision-Making and Behavioral EconomicsNeural and Behavioral Psychology StudiesExperimental Behavioral Economics Studies

Intertemporal choice – toward an integrative framework

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Berns, Gregory S., Laibson, David, Loewenstein, George·2007·Trends in Cognitive Sciences

Abstract

Intertemporal choices are decisions with consequences that play out over time. These choices range from the prosaic--how much food to eat at a meal--to life-changing decisions about education, marriage, fertility, health behaviors and savings. Intertemporal preferences also affect policy debates about long-run challenges, such as global warming. Historically, it was assumed that delayed rewards were discounted at a constant rate over time. Recent theoretical and empirical advances from economic, psychological and neuroscience perspectives, however, have revealed a more complex account of how individuals make intertemporal decisions. We review and integrate these advances. We emphasize three different, occasionally competing, mechanisms that are implemented in the brain: representation, anticipation and self-control.

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Crossref · 10.1016/j.tics.2007.08.011

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Authors
Berns, G. S., Laibson, D., & Loewenstein, G.
Affiliations
  • Emory University (US)
  • Harvard University (US)
  • Carnegie Mellon University (US)
Venue
Trends in Cognitive Sciences
Publisher
Elsevier BV
Published
2007-11
Volume
11
Issue
11
Pages
482-488
ISSN
1364-6613 (ISSN-L)
OpenAlex
W2113735531
Cited by
580
References
97
Citations by year
2026: 24 · 2025: 22 · 2024: 29 · 2023: 37 · 2022: 33 · 2021: 37 · 2020: 79 · 2019: 27 · 2018: 41 · 2017: 32 · 2016: 37 · 2015: 27 · 2014: 22 · 2013: 40 · 2012: 23
FWCI
0.91
Type
journal article
Language
en
Open access
Locations
  • Trends in Cognitive Sciences (publishedVersion)
  • PubMed (publishedVersion)
  • Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
Funders
  • National Institute on Aging (P01AG005842, P30AG012810)
  • National Institute on Drug Abuse (R01 DA20116, R01DA016434, R01DA020116)
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
  • Social Sciences › Safety Research › Experimental Behavioral Economics Studies
Keywords
intertemporal choice, time preference, delay discounting, self-control, anticipation, decision-making, impulsivity
MeSH terms
Animals, Brain, Choice Behavior, Decision Making, Energy Metabolism, Humans, Time Factors

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