Frames of Mind in Intertemporal Choice *

  title={Frames of Mind in Intertemporal Choice *},
  author={George F. Loewenstein},
Recent research has demonstrated that choices between gambles are systematically influenced by the way they are expressed. Kahneman and Tversky's Prospect Theory (1979) explains many ofthese "framing" effects as shifts in the point ofreference from which prospects are evaluated. This paper demonstrates the applicability of the reference point concept to intertemporal choice. Three experiments demonstrate that when people choose between immediate and delayed consumption, the reference point used… CONTINUE READING
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