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Related Experiment Video

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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Pleas for patience from the cumulative future self.

Sam J Maglio1,2, Hal E Hershfield3

  • 1University of Toronto Scarborough, Toronto, OntarioM1C 1A4, Canada.

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Present selves control all decisions impacting future well-being. Understanding the "cumulative future self" is key to fostering patience and making better intertemporal tradeoffs for long-term benefit.

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Area of Science:

  • Behavioral Economics
  • Decision Science
  • Psychology

Background:

  • Individuals make decisions with consequences for their future selves.
  • The concept of intertemporal tradeoffs highlights the tension between present gratification and future outcomes.
  • A distinction exists between future selves who will also make decisions and those who solely experience past decisions.

Purpose of the Study:

  • To introduce and define the 'cumulative future self' concept.
  • To explore the psychological mechanisms by which current selves interact with their future selves.
  • To understand how this interaction influences patience and decision-making in intertemporal tradeoffs.

Main Methods:

  • Conceptual analysis of decision-making and self-perception.
  • Exploration of psychological theories related to future-oriented thinking.
  • Theoretical framework development for understanding the 'current self' and 'cumulative future self' dynamic.

Main Results:

  • Current selves possess unilateral power over intertemporal tradeoffs.
  • The 'cumulative future self' is a distinct entity that passively receives outcomes from past decisions.
  • The communication and perceived relationship between current and cumulative future selves dictate the consideration of future consequences.

Conclusions:

  • Effective communion between current and cumulative future selves is crucial for promoting patience.
  • Understanding this dynamic can inform strategies to encourage more farsighted decision-making.
  • Future research should investigate methods to strengthen the connection between present actions and future well-being.