Intertemporal Choice - Toward an Integrative Framework

Gregory S. Berns, George Loewenstein and David Laibson

Scholarly Articles from Harvard University Department of Economics

Abstract: Intertemporal choices are decisions with consequences that play out over time. These choices range from the prosaic–-how much food to eat at a meal– to life--changing decisions about education, marriage, fertility, health behaviors and savings. Intertemporal preferences also affect policy debates about long-run challenges, such as global warming. Historically, it was assumed that delayed rewards were discounted at a constant rate over time. Recent theoretical and empirical advances from economic, psychological and neuroscience perspectives, however, have revealed a more complex account of how individuals make intertemporal decisions. We review and integrate these advances. We emphasize three different, occasionally competing, mechanisms that are implemented in the brain: representation, anticipation and self-control.

Date: 2007
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Citations: View citations in EconPapers (48)

Published in Trends in Cognitive Sciences

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Persistent link: https://EconPapers.repec.org/RePEc:hrv:faseco:4554332

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