The effect of acute pain on risky and intertemporal choice

Lina Koppel, David Andersson, India Morrison, Kinga Posadzy, Daniel Västfjäll and Gustav Tinghög ()
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Lina Koppel: Linköping University
David Andersson: Linköping University
India Morrison: Linköping University
Kinga Posadzy: Linköping University
Daniel Västfjäll: Linköping University
Gustav Tinghög: Linköping University

Experimental Economics, 2017, vol. 20, issue 4, No 7, 878-893

Abstract: Abstract Pain is a highly salient and attention-demanding experience that motivates people to act. We investigated the effect of pain on decision making by delivering acute thermal pain to participants’ forearm while they made risky and intertemporal choices involving money. Participants (n = 107) were more risk seeking under pain than in a no-pain control condition when decisions involved gains but not when they involved equivalent losses. Pain also resulted in greater preference for immediate (smaller) over future (larger) monetary rewards. We interpret these results as a motivation to offset the aversive, pain-induced state, where monetary rewards become more appealing under pain than under no pain and when delivered sooner rather than later. Our findings add to the long-standing debate regarding the role of intuition and reflection in decision making.

Keywords: Pain; Decision making; Dual-process theory; Risk; Intertemporal choice (search for similar items in EconPapers)
JEL-codes: C91 D81 D87 D90 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (14)

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DOI: 10.1007/s10683-017-9515-6

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