16:00 - 17:30
Wed-H9-Talk 9--99
Wed-Talk 9
Room: H9
Chair/s:
Ulrich Ettinger
Cognitive and Neural Mechanisms of the Date/Delay Effect in Intertemporal Choice
Wed-H9-Talk 9-9902
Presented by: Kristof Keidel
Kristof Keidel
Department of Psychology, University of Bonn, Germany, Centre for Brain, Mind and Markets, Department of Finance, The University of Melbourne, Australia
In intertemporal decision-making, temporal discounting describes the tendency to devalue future rewards as a function of time until receipt. Experimental studies have shown that temporal discounting can be influenced by task framing. For instance, temporal discounting is reduced when displaying delays in terms of dates rather than as delay units, an effect commonly referred to as date/delay effect. So far, however, the cognitive and neural mechanisms of the date/delay effect are largely unclear. Therefore, in this presentation I will present several studies on the date/delay effect. Findings reveal that the effect itself is highly replicable. Eye-tracking results show that the date condition was associated with more eye movements comparing and fixating time attributes. Moreover, one study suggested that absolute reward differences were more predictive of choosing future rewards in the date than in the delay condition. Finally, functional magnetic resonance imaging (fMRI) findings revealed higher activations of brain areas associated with episodic thinking (precuneus/posterior cingulate and angular gyrus) in the date compared to the delay condition. Interindividually, higher prefrontal activity was associated with a lower date/delay effect. Overall, the date/delay effect represents a robust framing effect in intertemporal choice. The date condition appears to trigger different time processing, resulting in higher perceived proximity of future rewards and, potentially, higher weighting of reward attributes. It is conceivable that the date/delay effect is particularly effective in more impulsive decision-makers.
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