Abstract

http://ssrn.com/abstract=1938465
 
 

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Psychological Connectedness and Intertemporal Choice


Daniel M. Bartels


University of Chicago - Booth School of Business

Lance Rips


affiliation not provided to SSRN

September 15, 2009

Journal of Experimental Psychology: General 2010 American Psychological Association, Vol. 139, No. 1, 49-69, 2010

Abstract:     
People tend to attach less value to a good if they know a delay will occur before they obtain it. For example, people value receiving $100 tomorrow more than receiving $100 in 10 years. We explored one reason for this tendency (due to Parfit, 1984): In terms of psychological properties, such as beliefs, values, and goals, the decision maker is more closely linked to the person (his or her future self) receiving $100 tomorrow than to the person receiving $100 in 10 years. For this reason, he or she prefers his or her nearer self to have the $100 rather than his or her more remote self. Studies 1 and 2 showed that the greater the rated psychological connection between 2 parts of a participant’s life, the less he or she discounted future monetary and non-monetary benefits (e.g., good days at work) over that interval. In Studies 3-5, participants read about characters who undergo large life-changing (and connectedness weakening) events at different points in their lives and then made decisions about the timing of benefits on behalf of these characters. All 5 studies revealed a relation between perceived psychological connectedness and inter-temporal choice: Participants preferred benefits to occur before large changes in connectedness but preferred costs to occur after these changes.

Number of Pages in PDF File: 21

Keywords: connectedness, intertemporal choice, personal identity, decision making, temporal discounting

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Date posted: October 5, 2011  

Suggested Citation

Bartels, Daniel M. and Rips, Lance, Psychological Connectedness and Intertemporal Choice (September 15, 2009). Journal of Experimental Psychology: General 2010 American Psychological Association, Vol. 139, No. 1, 49-69, 2010. Available at SSRN: http://ssrn.com/abstract=1938465

Contact Information

Daniel M. Bartels (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
Lance Rips
affiliation not provided to SSRN ( email )
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