Delay of Outcome and Preference for Different Courses of Action

Abstract

In this study the effects of expected delay of reward on preferences for gambling offers were studied. Time, probability and value entered approximately in a multiplicative manner into the final judgment of preference. However, the effects of time were weaker than the effects of probability and value. The effect of time was most often negatively accelerated as a function of physical time. In a developmental study various age groups were compared. There was no difference indicating a preference for smaller and more immediate rewards among the younger children. This was suggested to depend on the use of different judgment strategies in the different age groups. Multidimensional scaling analyses of similarity data for gambling offers resulted in the same dimensions as those functional in the preference data but with different weights.