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Fixing an alternative in intertemporal choice studies, using the adjusting-amount procedure (AAP), significantly impacts decision-making and discount rates. This effect is comparable to explicitly setting reference points, highlighting the procedural influence on choices.

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Area of Science:

  • Behavioral Economics
  • Decision Science
  • Cognitive Psychology

Background:

  • Intertemporal choice research commonly uses two-alternative forced choice (2AFC) paradigms.
  • The adjusting-amount procedure (AAP) involves fixed and adjusted alternatives, potentially creating a reference point effect.

Purpose of the Study:

  • To investigate how fixing different alternatives in the AAP influences discount rates in intertemporal choices.
  • To compare the impact of a fixed alternative versus explicitly imposed reference points on decision-making.

Main Methods:

  • Utilized the adjusting-amount procedure (AAP) with 283 participants.
  • Manipulated which alternative (smaller sooner or larger later) was fixed.
  • Compared choices made with a fixed alternative to those with explicitly presented reference scenarios.

Main Results:

  • Fixing an alternative in the AAP significantly influenced participants' discount rates.
  • The extent of this influence was comparable to when reference points were explicitly stated prior to choices.
  • Decision-making in intertemporal choice is sensitive to the procedural setup of the AAP.

Conclusions:

  • The procedural design of the AAP, specifically the fixed alternative, acts as a salient reference point.
  • This procedural reference point exerts a substantial influence on intertemporal choice behavior and discount rates.
  • Researchers should consider the potential for procedural artifacts to affect findings in intertemporal choice studies.