Can't wait to pay: The desire for goal closure increases impatience for costs

[Correction Notice: An Erratum for this article was reported online in Journal of Personality and Social Psychology on Jul 08 2024 (see record 2024-99966-001). The article is being made available open access under the CC-BY-ND-NC license. The correct copyright is "© 2023 The Author(s)." All versions of this article have been corrected.] We explore whether the desire to achieve psychological closure on a goal creates impatience. If so, people should choose an earlier (vs. later) option, even when it does not deliver a reward. For example, they may prefer to pay money or complete work earlier rather than later. A choice to incur earlier costs seems to violate the preference for positive discounting (indeed, it may appear like negative time discounting), unless people value earlier goal closure. Across seven studies, we consistently find that people preferred to pay more money sooner over less money later (Study 1) and complete more work sooner over less work later (Studies 2-5) more when they had a stronger desire for goal closure, such as when the sooner option allowed them to achieve goal closure and when the goal would otherwise linger on their minds (compared to when it would not). The implications of goal closure extend to impatience for gains (Studies 6-7), as people preferred less money sooner (vs. more later) when it allowed them to achieve goal closure. These findings suggest that the desire to achieve goal closure is an important aspect of time preferences. Taking this desire into account can explain marketplace anomalies and inform interventions to reduce impatience. (PsycInfo Database Record (c) 2024 APA, all rights reserved).