@article{57b220c69f6b48d98f4f88d6ac84a24a,
title = "Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better Than Delay Discounting Does",
abstract = "Heuristic models have been proposed for many domains involving choice. We conducted an out-of-sample, cross-validated comparison of heuristic models of intertemporal choice (which can account for many of the known intertemporal choice anomalies) and discounting models. Heuristic models outperformed traditional utility-discounting models, including models of exponential and hyperbolic discounting. The best-performing models predicted choices by using a weighted average of absolute differences and relative percentage differences of the attributes of the goods in a choice set. We concluded that heuristic models explain time-money trade-off choices in experiments better than do utility-discounting models.",
keywords = "decision making, delay of gratification, heuristics, judgment, open data",
author = "{Marzilli Ericson}, {Keith M.} and White, {John Myles} and David Laibson and Cohen, {Jonathan D.}",
note = "Funding Information: This work was funded by National Institute on Aging Grants R01-AG030310 (to all authors), P30-AG024361 (to J. M. White and J. D. Cohen), R01-AG021650 (to D. Laibson), and P01-AG005842 (to D. Laibson); by National Institute on Drug Abuse Grant T90-DA023419 (to J. M. White and J. D. Cohen); by the John Templeton Foundation (to J. D. Cohen); and by the Pershing Square Fund for Research on the Foundations of Human Behavior (to D. Laibson). The content of this publication is solely the responsibility of the authors and does not necessarily represent the views of the National Institutes of Health, any agency of the federal government, the National Bureau of Economic Research, the Pershing Square Foundation, or the John Templeton Foundation. Publisher Copyright: {\textcopyright} The Author(s) 2015",
year = "2015",
month = jun,
day = "6",
doi = "10.1177/0956797615572232",
language = "English (US)",
volume = "26",
pages = "826--833",
journal = "Psychological Science",
issn = "0956-7976",
publisher = "SAGE Publications Inc.",
number = "6",
}