Show simple item record

dc.contributor.authorSkylark, Williamen
dc.contributor.authorChan, Kieran TFen
dc.contributor.authorFarmer, George Den
dc.contributor.authorGaskin, Kai Wen
dc.contributor.authorMiller, Amelia Ren
dc.date.accessioned2020-10-02T23:30:58Z
dc.date.available2020-10-02T23:30:58Z
dc.date.issued2020-09en
dc.identifier.issn1930-2975
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/311038
dc.description.abstractRecent research has shown that risk and reward are positively correlated in many environments, and that people have internalized this association as a “risk-reward heuristic”: when making choices based on incomplete information, people infer probabilities from payoffs and vice-versa, and these inferences shape their decisions. We extend this work by examining people’s expectations about another fundamental trade-off—that between monetary reward and delay. In 2 experiments (total N = 670), we adapted a paradigm previously used to demonstrate the risk-reward heuristic. We presented participants with intertemporal choice tasks in which either the delayed reward or the length of the delay was obscured. Participants inferred larger rewards for longer stated delays, and longer delays for larger stated rewards; these inferences also predicted people’s willingness to take the delayed option. In exploratory analyses, we found that older participants inferred longer delays and smaller rewards than did younger ones. All of these results replicated in 2 large-scale pre-registered studies with participants from a different population (total N = 2138). Our results suggest that people expect intertemporal choice tasks to offer a trade-off between delay and reward, and differ in their expectations about this trade-off. This “delay-reward heuristic” offers a new perspective on existing models of intertemporal choice and provides new insights into unexplained and systematic individual differences in the willingness to delay gratification.
dc.format.mediumPrinten
dc.languageengen
dc.publisherSociety for Judgment and Decision Making
dc.rightsAttribution 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.titleThe delay-reward heuristic: What do people expect in intertemporal choice tasks?en
dc.typeArticle
prism.endingPage629
prism.issueIdentifier5en
prism.publicationDate2020en
prism.publicationNameJudgment and decision makingen
prism.startingPage611
prism.volume15en
dc.identifier.doi10.17863/CAM.58128
dcterms.dateAccepted2020-07-23en
rioxxterms.versionVoR
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2020-09en
dc.contributor.orcidSkylark, William [0000-0002-3375-2669]
dc.identifier.eissn1930-2975
rioxxterms.typeJournal Article/Reviewen


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record

Attribution 4.0 International
Except where otherwise noted, this item's licence is described as Attribution 4.0 International