Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice
Uni-modal intertemporal decisions involve comparing options of the same type (e.g. apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g. a car now versus a vacation later). As we explain, existing models of intertemporal choice do not allow tim...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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INFORMS (Institute for Operations Research and Management Sciences)
2018
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| Online Access: | https://eprints.nottingham.ac.uk/33412/ |
| _version_ | 1848794625114898432 |
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| author | Cubitt, Robin P. McDonald, Rebecca Read, Daniel |
| author_facet | Cubitt, Robin P. McDonald, Rebecca Read, Daniel |
| author_sort | Cubitt, Robin P. |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | Uni-modal intertemporal decisions involve comparing options of the same type (e.g. apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g. a car now versus a vacation later). As we explain, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are uni-modal or cross-modal. We test this restriction in an experiment using the delayed-compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for non-monetary and discrete outcomes, as well as for both cross-modal and uni-modal comparisons. Participants were much more averse to delay for uni-modal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multi-attribute choice, the other drawing on construal level theory. |
| first_indexed | 2025-11-14T19:19:10Z |
| format | Article |
| id | nottingham-33412 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T19:19:10Z |
| publishDate | 2018 |
| publisher | INFORMS (Institute for Operations Research and Management Sciences) |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-334122018-03-29T14:25:38Z https://eprints.nottingham.ac.uk/33412/ Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice Cubitt, Robin P. McDonald, Rebecca Read, Daniel Uni-modal intertemporal decisions involve comparing options of the same type (e.g. apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g. a car now versus a vacation later). As we explain, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are uni-modal or cross-modal. We test this restriction in an experiment using the delayed-compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for non-monetary and discrete outcomes, as well as for both cross-modal and uni-modal comparisons. Participants were much more averse to delay for uni-modal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multi-attribute choice, the other drawing on construal level theory. INFORMS (Institute for Operations Research and Management Sciences) 2018-02-28 Article PeerReviewed application/pdf en cc_by https://eprints.nottingham.ac.uk/33412/16/Cubitt%20McDonald%20Read%20Man%20Sci%202018%20journal%20version.pdf Cubitt, Robin P., McDonald, Rebecca and Read, Daniel (2018) Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice. Management Science, 64 (2). pp. 873-887. ISSN 1526-5501 http://pubsonline.informs.org/doi/10.1287/mnsc.2016.2613 doi:10.1287/mnsc.2016.2613 doi:10.1287/mnsc.2016.2613 |
| spellingShingle | Cubitt, Robin P. McDonald, Rebecca Read, Daniel Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title | Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title_full | Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title_fullStr | Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title_full_unstemmed | Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title_short | Time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| title_sort | time matters less when outcomes differ: uni-modal versus cross-modal comparisons in intertemporal choice |
| url | https://eprints.nottingham.ac.uk/33412/ https://eprints.nottingham.ac.uk/33412/ https://eprints.nottingham.ac.uk/33412/ |