Intertemporal Choice - Toward an Integrative Framework

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Intertemporal Choice - Toward an Integrative Framework

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Title: Intertemporal Choice - Toward an Integrative Framework
Author: Berns, Gregory S.; Laibson, David I.; Loewenstein, George

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Citation: Berns, Gregory S., David Laibson, and George Loewenstein. 2007. Intertemporal choice--toward an integrative framework. Trends in Cognitive Sciences 11(11): 482-488.
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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.
Published Version: doi:10.1016/j.tics.2007.08.011
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