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The effect of pseudo-immediacy on intertemporal choices

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  • Shu Li
  • Yin Su
  • Yan Sun

Abstract

An interesting phenomenon, which we dub the 'pseudo-immediacy effect', was detected in intertemporal choices. The majority of our participants preferred the smaller but sooner (SS) outcome to the larger but later (LL) outcome when a pseudo-immediacy reward was framed, but a higher proportion of participants preferred the LL outcome to the SS outcome when the pseudo-immediate format was removed. Such a shift violated the invariance principle which requires that the preference order between options does not depend on the manner in which they are described. With reference to the pseudo-certainty effect reported by Kahneman and Tversky in 1984, our findings typically support the notion that risk and delay are psychologically equivalent and that the same psychological process underlies risk and intertemporal choice.

Suggested Citation

  • Shu Li & Yin Su & Yan Sun, 2010. "The effect of pseudo-immediacy on intertemporal choices," Journal of Risk Research, Taylor & Francis Journals, vol. 13(6), pages 781-787, September.
    • Handle: RePEc:taf:jriskr:v:13:y:2010:i:6:p:781-787
    DOI: 10.1080/13669870903551704
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    1. repec:cup:judgdm:v:10:y:2015:i:6:p:564-570 is not listed on IDEAS
    2. Hong-Yue Sun & Cheng-Ming Jiang, 2015. "Introducing money at any time can reduce discounting in intertemporal choices with rewards: An extension of the upfront money effect," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(6), pages 564-570, November.

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