Intertemporal choice

Kai Gaskin

Chapter 43 in Elgar Concise Encyclopedia of Neuroscience and Management, 2026, pp 150-153 from Edward Elgar Publishing

Abstract: Intertemporal choice refers to choices between commodities displaced in time. Endemic to these choices is the assumption that the waiting period between rewards is costly, the subjective value of the reward being discounted over the waiting period and supplementary reward being required to forestall reward consumption. Contrary to displaying economic rationality through constant discounting rates per unit time, individuals considering monetary intertemporal choices display decreasing sensitivity to delay increases, decisions further depending on decision framing and reward magnitudes. Explanatory frameworks for such behaviour include differential mental representation of commodities of differing magnitude to the subjective perception of the delay itself.

Keywords: Decision-making; Delay; Discounting; Perception; Subjective; Time (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035332885
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