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Deliberating trade-offs with the future.

Adam Bulley1,2, Daniel L Schacter3

  • 1Department of Psychology, Harvard University, Cambridge, MA, USA. adam_bulley@fas.harvard.edu.

Nature Human Behaviour
|March 19, 2020
PubMed
Summary
This summary is machine-generated.

People make complex intertemporal decisions by deliberating, using higher-order cognitive skills like prospection and metacognition to weigh future outcomes. Understanding these thinking processes enhances our grasp of choices involving trade-offs.

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Area of Science:

  • Cognitive Science
  • Neuroeconomics
  • Behavioral Economics

Background:

  • Intertemporal decisions, involving trade-offs between immediate and future outcomes, are fundamental to human life.
  • These decisions are crucial in various domains, including substance use, financial planning, and climate change action.
  • Existing research acknowledges decision-making based on rules, intuition, and habits, but the role of deliberation is increasingly recognized.

Purpose of the Study:

  • To explore how higher-order cognitive capacities, specifically prospection and metacognition, influence intertemporal decision-making.
  • To provide a unified framework for understanding diverse intertemporal choice phenomena.
  • To highlight the importance of deliberation in making choices with future consequences.

Main Methods:

  • Review and synthesis of recent research on prospection (thinking about the future) and metacognition (thinking about one's own thinking).
  • Theoretical integration of these higher-order capacities into models of intertemporal choice.
  • Analysis of how these mechanisms explain patterns in decision-making across different contexts.

Main Results:

  • Deliberation, enabled by prospection and metacognition, plays a critical role in how individuals navigate intertemporal trade-offs.
  • These higher-order capacities allow for more sophisticated evaluation of future outcomes and personal preferences.
  • A deeper understanding of prospection and metacognition can unify disparate findings in intertemporal decision-making research.

Conclusions:

  • Appreciating the mechanisms of deliberation, particularly prospection and metacognition, is key to advancing the study of intertemporal decision-making.
  • This perspective offers a unified approach to understanding complex choices involving future consequences.
  • Future research should further investigate the interplay between deliberation and other decision-making processes.