Examining the role of risk in waiting preference and dynamic preference reversal: An experience intertemporal choice study. (22nd July 2021)

• Record Type: Journal Article
• Authors: Xu, Ping; Vincent, Benjamin T.; Sang, Hui; Li, Xiaodong
• Is Part Of: Journal of behavioral decision making. Volume 35:Number 2(2022)
• Page Start: n/a
• Page End: n/a
• Publication Date: 2021-07-22
• Subjects: coin collection task -- dynamic preference reversal -- experience time‐discounting task -- gain–loss asymmetry -- risky intertemporal choice; Decision making -- Periodicals; Managerial economics -- Periodicals; Behavior -- Periodicals; Decision Making -- Periodicals; Prise de décision -- Périodiques; Économie d'entreprise -- Périodiques; 153.83
• DOI: 10.1002/bdm.2261
• Languages: English
• ISSNs: 0894-3257

Abstract

Abstract: Short waits are pervasive in modern life. This study addressed how risk impacts intertemporal decisions that involve short waits (of 72 s or less) and how those decisions change while waiting. We used an experience time‐discounting task sensitive to the impact of risk and which can measure intratrial preference reversals. Three experiments showed that (1) adding uncertainty to outcomes does not change participants' preferences in waiting for a reward, but it reduces their willingness in waiting for a reduction of losses; (2) adding uncertainty to outcomes increases participants' tendency to switch their decisions during the course of waiting; and (3) participants showed no gain–loss asymmetry for risky intertemporal choices.