Intertemporal Choice - Toward an Integrative Framework
| Title: | Intertemporal Choice - Toward an Integrative Framework |
| Author: |
Berns, Gregory S.; Laibson, David I.; Loewenstein, George
Note: Order does not necessarily reflect citation order of authors. |
| Citation: | Berns, Gregory S., David Laibson, and George Loewenstein. 2007. Intertemporal choice--toward an integrative framework. Trends in Cognitive Sciences 11(11): 482-488. |
| Full Text & Related Files: |
Laibson_IntertemporalChoice.pdf (267.7Kb; PDF) 
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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 |
| Terms of Use: | This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA |
| Citable link to this page: | http://nrs.harvard.edu/urn-3:HUL.InstRepos:4554332 |
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Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University
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