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Is Time-Discounting Hyperbolic or Subadditive?
- D. Read
- 1 July 2001
Subadditive time discounting means that discounting over a delay is greater when the delay is divided into subintervals than when it is left undivided. This may produce the most important result… Expand
When making many choices, a person can broadly bracket them by assessing the consequences of all of them taken together, or narrowly bracket them by making each choice in isolation. We integrate… Expand
Diversification bias: Explaining the discrepancy in variety seeking between combined and separated choices
Recent research has revealed a pattern of choice characterized as a diversification bias: If people make combined choices of quantities of goods for future consumption, they choose more variety than… Expand
Mixing virtue and vice: combining the immediacy effect and the diversification heuristic
Many of the most significant choices that people make are between vices, which exchange small immediate rewards for large delayed costs, and virtues, which exchange small immediate costs for large… Expand
Time discounting over the lifespan
Several theories of intertemporal choice predict systematic age differences in the rate at which people discount the future. Different theories, however, predict different patterns: one predicts that… Expand
The psychology of intertemporal tradeoffs.
It is commonly assumed that people make intertemporal choices by "discounting" the value of delayed outcomes, assigning discounted values independently to all options, and comparing the discounted… Expand
Discounting by Intervals: A Generalized Model of Intertemporal Choice
We develop and test a generalized model of intertemporal choice, the Discounting By Intervals (DBI) model, according to which the discount rate is a function of both how far outcomes are removed from the present and how far the outcomesare removed from one another. Expand
Four Score and Seven Years from Now: The Date/Delay Effect in Temporal Discounting
- D. Read, S. Frederick, Burcu Orsel, Juwaria Rahman
- Economics, Computer Science
- Manag. Sci.
- 1 September 2005
We describe a new anomaly in intertemporal choice-the "date/delay effect": discount rates that are imputed when time is described using calendar dates (e.g., on October 17) are markedly lower than those revealed when future outcomes are described in terms of the corresponding delay. Expand