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Updated: Jul 20, 2026

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
Decision biases in intertemporal choice and choice under uncertainty: testing a common account
Gretchen B Chapman1, Bethany J Weber
1Psychology Department, Rutgers University, 152 Frelinghuysen Road, Piscataway, NJ 08854-8020, USA. gbc@rci.rutgers.edu
Abstract:
Two experiments were performed to test a psychophysical account of parallels between biases in risky choice and intertemporal choice. Experiment 1 demonstrated the common difference effect in intertemporal choice and the common ratio effect in risky choice. As was predicted, these two biases were uncorrelated with each other, although each was correlated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of two different dimensions (time and probability, respectively). Experiment 2 examined the magnitude effect in intertemporal choice and the peanuts effect in risky choice. These two biases were correlated with each other but were uncorrelated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of the same dimension (utility of money or health).
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