Tradeoffs between Sequences: Weighing Accumulated Outcomes against Outcome-Adjusted Delays

Autor/inn/en	Read, Daniel; Scholten, Marc
Titel	Tradeoffs between Sequences: Weighing Accumulated Outcomes against Outcome-Adjusted Delays
Quelle	In: Journal of Experimental Psychology: Learning, Memory, and Cognition, 38 (2012) 6, S.1675-1688 (14 Seiten) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0278-7393
DOI	10.1037/a0028216
Schlagwörter	Money Management; Selection; Models; Identification; Time; Decision Making; Statistical Analysis; Preferences + Suchen Sie Ihr Suchwort? Auslese; Analogiemodell; Identifikation; Identifizierung; Zeit; Decision-making; Entscheidungsfindung; Statistische Analyse
Abstract	We extend the recently proposed "tradeoff model" of intertemporal choice (Scholten & Read, 2010) from choices between pairs of single outcomes to pairwise choices involving two-outcome sequences. The core of our proposal is that choices between sequences are made by weighing accumulated outcomes against outcome-adjusted delays. Thus extended, the tradeoff model offers a unified account of recently discovered anomalies in pairwise choices involving two-outcome sequences, including (a) the hidden-zero effect, in which explicit reference to the zero outcomes of the options increases patience, (b) the front-end amount effect, in which the addition of a front-end amount to both options decreases patience, and (c) the mere token effect, in which the addition of an early outcome to both options increases patience. Not only does the extended tradeoff model accommodate these anomalies, it also correctly predicts (d) violations of independence, (e) a reversal of the front-end amount effect, (f) the effect of relocating the front-end amount to the back end of both options, and (g) a dependence of the "mere" token effect on the magnitude of the token. In quantitative analyses, the extended tradeoff model offers an accurate account of the data. (Contains 7 figures, 3 tables, and 12 footnotes.) (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10