Valuing the future at different temporal points: The role of time framing on discounting

Abstract

AbstractThe rate of delay discounting exhibited by individuals has been experimentally altered by manipulating the way in which time is described, a specific application of the framing effect. Previous research suggests that using specific dates to describe delays tends to lower temporal discounting and change the shape of the discounting function. The main purpose of this study was to assess the influence of framing on discounting in different temporal contexts. Participants chose between hypothetical monetary gains (gains group), or between hypothetical monetary losses (losses group). Each group completed eight discounting tasks over two sessions (two choice tasks [SmallNow/SmallSoon] by two time frames [dates/calendar units] by two magnitudes. The results indicate that Mazur's model adequately described the observed discounting functions in most conditions. However, the decrease in discounting rate when both consequences were delayed only occurred when calendar units (but not dates) were used for both gains and losses. These findings suggest that framing affects the influence of a shared delay instead of changing the shape of the discounting function. Our results support the idea that time influences behavior similarly in humans and nonhumans when they choose between two delayed consequences.