Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does

DSpace/Manakin Repository

Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does

Show simple item record

dc.contributor.author Marzilli Ericson, K. M.
dc.contributor.author White, J. M.
dc.contributor.author Laibson, David I.
dc.contributor.author Cohen, J. D.
dc.date.accessioned 2017-02-17T21:29:11Z
dc.date.issued 2015
dc.identifier.citation Marzilli 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.issn 0956-7976 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:30367415
dc.description.abstract 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. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher SAGE Publications en_US
dc.relation.isversionof doi:10.1177/0956797615572232 en_US
dash.license OAP
dc.title Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does en_US
dc.type Journal Article en_US
dc.description.version Accepted Manuscript en_US
dc.relation.journal Psychological Science en_US
dash.depositing.author Laibson, David I.
dc.date.available 2017-02-17T21:29:11Z

Files in this item

Files Size Format View
34371965.pdf 257.7Kb PDF View/Open

This item appears in the following Collection(s)

Show simple item record

 
 

Search DASH


Advanced Search
 
 

Submitters