1275. Time preferences in repetitive choices
Invited abstract in session MC-61: Advances in behavioral decision analysis 2, stream Behavioural OR.
Monday, 12:30-14:00Room: Maurice Keyworth G.31
Authors (first author is the speaker)
| 1. | Pelin Gulum Tas
|
| Engineering Systems and Services, Delft University of Technology | |
| 2. | Yousef Maknoon
|
| Delft University of Technology | |
| 3. | Gilberto Montibeller
|
| Business School, University of Bristol | |
| 4. | Jafar Rezaei
|
| Engineering Systems and Services, Delft University of Technology |
Abstract
Research on time preference often relies on behavioral experiments where participants make single-time intertemporal choices (a present versus a future outcome), from which their discount rates are calculated and interpreted. Real-world decisions unfold dynamically, shaped by repeated choices and long-term considerations, requiring decision-makers to broaden their perspective. To capture this dynamic nature, we designed an experiment with two types of scenarios: one framed as a single-time choice, as commonly studied in the literature, and the other as a repetitive choice with the aim of promoting holistic thinking. In total, 277 participants were randomly assigned to either a gain or loss version of these scenarios, completing four conditions that varied by decision type (single-time versus repetitive) and outcome magnitude (small versus big). Results indicate that extending the evaluation environment and motivating individuals to consider the decision repetition lead to choices favoring long-term benefits over immediate outcomes. Participants exhibited lower discount rates in repetitive scenarios than in single-time ones, suggesting that discounting behavior is, at least, partially influenced by the setting in which participants are asked to perform intertemporal trade-offs. These findings have important implications for facilitators when helping individuals make informed choices by reducing present bias and for researchers investigating factors that shape time preferences.
Keywords
- Behavioural OR
Status: accepted
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