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dc.contributor.authorMarzilli Ericson, K. M.
dc.contributor.authorWhite, J. M.
dc.contributor.authorLaibson, David I.
dc.contributor.authorCohen, J. D.
dc.date.accessioned2017-02-17T21:29:11Z
dc.date.issued2015
dc.identifier.citationMarzilli Ericson, K. M., J. M. White, D. Laibson, and J. D. Cohen. 2015. “Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does.” Psychological Science 26 (6) (April 24): 826–833. doi:10.1177/0956797615572232.en_US
dc.identifier.issn0956-7976en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:30367415
dc.description.abstractHeuristic 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.en_US
dc.description.sponsorshipEconomicsen_US
dc.language.isoen_USen_US
dc.publisherSAGE Publicationsen_US
dc.relation.isversionofdoi:10.1177/0956797615572232en_US
dash.licenseOAP
dc.titleMoney Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Doesen_US
dc.typeJournal Articleen_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalPsychological Scienceen_US
dash.depositing.authorLaibson, David I.
dc.date.available2017-02-17T21:29:11Z
dc.identifier.doi10.1177/0956797615572232*
workflow.legacycommentsFAR 2015en_US
dash.contributor.affiliatedLaibson, David


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