Mixing virtue and vice: combining the immediacy effect and the diversification heuristic

  title={Mixing virtue and vice: combining the immediacy effect and the diversification heuristic},
  author={D. Read and G. Loewenstein and S. Kalyanaraman},
  journal={Journal of Behavioral Decision Making},
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 delayed rewards. We investigate the consequences of making a series of such choices either simultaneously or sequentially. We made two predictions. First, because many alternatives chosen under simultaneous choice will only be experienced following a delay, and because hyperbolic time discounting… Expand
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