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Updated: Jan 19, 2026
Future Value
When does the present end and the future begin?
Hal E Hershfield1, Sam J Maglio2
1Marketing Area and Behavioral Decision Making Area.
Abstract:
Through the process of prospection, people can mentally travel in time to summon in their mind's eye events that have yet to occur. Such depictions of the future often differ than those of the present, as do choices made for these 2 time periods. Conceptually and semantically, this research tradition presupposes a division between the 2: At some point in the progression of time, the present must yield to the future. Still, the field to date has offered little insight by way of defining the division that separates the present from the future. The basic scientific appeal and practical implications of prospection beg 2 related questions: When do people believe that the present ends and the future begins, and do such perceptions affect decision-making? To the first question, perceptions of when the present ends vary across people (Study 1) and are reliable over time (Study 2). To the second, when people believe that the present ends sooner, they are more likely to make future-oriented choices in correlational and experimental contexts, even when controlling for potentially related constructs (Studies 3-5). Finally, we identify a psychological mechanism underlying this relationship: A shorter present is associated with a sharper division from the future (Study 6a), and this sharp division accounts for future-oriented behavior toward both hypothetical (Study 6b) and incentive-compatible (Study 6c) outcomes. This research sheds light on a foundational but unexplored prerequisite for thinking and acting across time. (PsycINFO Database Record (c) 2020 APA, all rights reserved).
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