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A Bird in the Hand Isn't Good for Long
Stefan Scherbaum1, Simon Frisch1, Maja Dshemuchadse2
11 Department of Psychology, Technische Universität Dresden, Germany.
Experimental Psychology
|February 9, 2018
Summary
Giving more time to decide helps overcome initial impulses, revealing the role of cognitive control processes in intertemporal decision-making. This research sheds light on how we manage choices involving immediate rewards versus future benefits.
Area of Science:
- Cognitive psychology
- Neuroeconomics
- Decision science
Background:
- Folk wisdom suggests more decision time reduces impulsive choices.
- The underlying mechanisms of how time influences intertemporal decisions remain unclear.
- Two potential explanations involve overcoming value accumulation biases or engaging cognitive control.
Purpose of the Study:
- To investigate the role of decision time in intertemporal choices.
- To differentiate between value accumulation biases and cognitive control mechanisms.
- To understand the dynamic processes influencing short-term oriented decisions.
Main Methods:
- An intertemporal decision task was designed.
- Mouse tracking was employed to dynamically measure responses to option values and delays.
- Participants' decision-making processes were analyzed in real-time.
Main Results:
- Decision time revealed an immediate bias related to option delays.
- This initial bias was subsequently controlled, indicating active regulation.
- Findings support the role of cognitive control processes in moderating choices.
Conclusions:
- Cognitive control processes require time to engage and counteract initial impulses in decision-making.
- Mouse tracking offers dynamic insights into the temporal dynamics of intertemporal choices.
- Understanding these processes is crucial for explaining short-term focused decision-making.