Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does
Author(s): Marzilli Ericson, Keith M.; White, John Myles; Laibson, David; Cohen, Jonathan D.
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Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Marzilli Ericson, Keith M. | - |
dc.contributor.author | White, John Myles | - |
dc.contributor.author | Laibson, David | - |
dc.contributor.author | Cohen, Jonathan D. | - |
dc.date.accessioned | 2019-10-28T15:54:25Z | - |
dc.date.available | 2019-10-28T15:54:25Z | - |
dc.date.issued | 2015-06 | en_US |
dc.identifier.citation | Marzilli Ericson, Keith M., White, John Myles, Laibson, David, Cohen, Jonathan D. (2015). Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does. Psychological Science, 26 (6), 826 - 833. doi:10.1177/0956797615572232 | en_US |
dc.identifier.issn | 0956-7976 | - |
dc.identifier.uri | http://arks.princeton.edu/ark:/88435/pr1475t | - |
dc.description.abstract | Heuristic models have been proposed for many domains of choice. We compare heuristic models of intertemporal choice, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a weighted average of absolute differences and relative (percentage) differences of the attributes of the goods in a choice set. We conclude that heuristic models explain time-money tradeoff choices in experiments better than utility discounting models. | en_US |
dc.format.extent | 826 - 833 | en_US |
dc.language.iso | en_US | en_US |
dc.relation.ispartof | Psychological Science | en_US |
dc.rights | Author's manuscript | en_US |
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.identifier.doi | doi:10.1177/0956797615572232 | - |
dc.date.eissued | 2015-04-24 | en_US |
dc.identifier.eissn | 1467-9280 | - |
pu.type.symplectic | http://www.symplectic.co.uk/publications/atom-terms/1.0/journal-article | en_US |
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