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Time Discounting and Time Preference: A Critical Review
This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and "anomalies" - the empirical regularities that are inconsistent with its theoreticalExpand
Separate Neural Systems Value Immediate and Delayed Monetary Rewards
Using functional magnetic resonance imaging, the neural correlates of time discounting were examined while subjects made a series of choices between monetary reward options that varied by delay to delivery, demonstrating that two separate systems are involved in such decisions. Expand
Out of control: Visceral influences on behavior
Abstract Understanding discrepancies between behavior and perceived self-interest has been one of the major, but largely untackled, theoretical challenges confronting decision theory from its infancyExpand
The psychology of curiosity: A review and reinterpretation.
Research on curiosity has undergone 2 waves of intense activity. The 1st, in the 1960s, focused mainly on curiosity's psychological underpinnings. The 2nd, in the 1970s and 1980s, was characterizedExpand
Anomalies in Intertemporal Choice: Evidence and an Interpretation
Research on decision making under uncertainly has been strongly influenced by the documentation of numerous expected utility (EU) anomalies—behaviors that violate the expected utility axioms. TheExpand
Labor Supply of New York City Cabdrivers: One Day at a Time
Life-cycle models of labor supply predict a positive relationship between hours supplied and transitory changes in wages. We tested this prediction using three samples of wages and hours of New YorkExpand
“Coherent Arbitrariness”: Stable Demand Curves Without Stable Preferences
In six experiments we show that initial valuations of familiar products and simple hedonic experiences are strongly influenced by arbitrary "anchors" (sometimes derived from a person's socialExpand
Anticipation and the Valuation of Delayed Consumption
This paper presents a model of intertemporal choice that incorporates "savoring" and "dread"-i.e., utility from anticipat ion of delayed consumption. The model explains why an individual withExpand
The Red and the Black: Mental Accounting of Savings and Debt
In the standard economic account of consumer behavior the cost of a purchase takes the form of a reduction in future utility when expenditures that otherwise could have been made are forgone. TheExpand
Explaining Bargaining Impasse: The Role of Self-Serving Biases
The authors review studies conducted by themselves and coauthors that document a 'self-serving' bias in judgments of fairness and demonstrate that the bias is an important cause of impasse inExpand