Related Experiment Video
Updated: Aug 23, 2025
08:24
The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
790
Intertemporal choice reflects value comparison rather than self-control: insights from confidence judgements
Adam Bulley1,2, Karolina M Lempert3, Colin Conwell2
1The University of Sydney School of Psychology and Brain and Mind Centre, Sydney, NSW 2050, Australia.
Summary
Confidence in intertemporal choices reflects decision uncertainty, not self-control success. People are more confident when reward values are clearer, challenging traditional self-control theories of decision-making.
Area of Science:
- Cognitive Psychology
- Neuroeconomics
- Behavioral Economics
Background:
- Intertemporal decision-making is often viewed as a measure of self-control, where choosing immediate rewards signifies failure to resist temptation.
- Existing theories posit higher confidence in decisions involving delayed gratification, assuming successful self-control.
Purpose of the Study:
- To investigate the relationship between confidence and intertemporal choice, specifically challenging the self-control account.
- To determine factors influencing confidence in decisions involving future rewards.
Main Methods:
- Two pre-registered experiments with adult participants (n=117) involving monetary intertemporal choices.
- Participants rated their confidence in decisions and their separate valuations of potential rewards.
Main Results:
- Confidence was not higher for delayed rewards; instead, it correlated with temporal discounting, reward proximity, and magnitude.
- Higher confidence aligned with decisions matching separate reward valuations, indicating metacognitive insight.
- Less confident decisions were more variable and susceptible to manipulation.
Conclusions:
- Confidence in intertemporal choice reflects uncertainty in value estimation and comparison, similar to non-self-control decisions.
- Findings challenge self-control perspectives, reframing intertemporal choice as value-based decision-making about future possibilities.
Related Concept Videos
01:09Decision Making: P-value Method
5.6K
The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can...
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can...
5.6K
01:37Reason and Intuition
6.6K
The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
6.6K
01:14Decision Making: Traditional Method
4.1K
The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
4.1K
01:12Hindsight Biases
3.5K
Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now?
3.5K
01:20Decision Making
182
Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...
Automatic decision-making is fast, intuitive, and relies on gut feelings...
182
01:25The Anchoring-and-Adjustment Heuristic
7.4K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.4K