Money earlier or later? simple heuristics explain intertemporal choices better than delay discounting does

• Autores: Keith M. Marzilli Ericson, John Myles White, David Laibson, Johnathan D. Cohen
• Localización: Psychological Science, ISSN-e 1467-9280, Vol. 26, Nº. 6, 2015, págs. 826-833
• Idioma: inglés
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• Resumen

  • Heuristic models have been proposed for many domains involving choice. We conducted an out-of-sample, cross-validated comparison of heuristic models of intertemporal choice (which can account for many of the known intertemporal choice anomalies) and discounting models. Heuristic models outperformed traditional utility-discounting models, including models of exponential and hyperbolic discounting. The best-performing models predicted choices by using a weighted average of absolute differences and relative percentage differences of the attributes of the goods in a choice set. We concluded that heuristic models explain time-money trade-off choices in experiments better than do utility-discounting models.