Intertemporal choice – toward an integrative framework
Open accessAbstract
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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Explicitly instructed future orientation reduces discount rates within subjects.
“Explicitly instructed future orientation leads to ( i ) withinsubject reduction in discount rates (27 -29)”
From Adolescent impatience decreases with increased frontostriatal connectivity (2015) · cites this paper as [27]
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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
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- Elsevier BV
- Published
- 2007-11
- Volume
- 11
- Issue
- 11
- Pages
- 482-488
- ISSN
- 1364-6613 (ISSN-L)
- OpenAlex
- W2113735531
- Cited by
- 580
- References
- 97
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- 0.91
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- journal article
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- en
- Open access
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- Trends in Cognitive Sciences (publishedVersion)
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- 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
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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