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Decision Making

Decision Making

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...

Reason and Intuition

Reason and Intuition

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...

Decision Making: Traditional Method

Decision Making: Traditional Method

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...

The Anchoring-and-Adjustment Heuristic

The Anchoring-and-Adjustment Heuristic

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...

Hindsight Biases

Hindsight Biases

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?

Decision Making: P-value Method

Decision Making: P-value Method

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...

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Related Experiment Video

Updated: Sep 10, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

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

Time's Influence: A Systematic Review of Biases in Intertemporal Decision-Making.

Pelin Gülüm Taş¹, Yousef Maknoon¹, Jafar Rezaei¹

¹Faculty of Technology, Policy and Management, Delft University of Technology, Delft, The Netherlands;

Annual Review of Psychology

|August 19, 2025

Summary

Cognitive biases distort decisions over time. This review synthesizes research on six time-related biases, offering strategies to improve decision-making and promote long-term well-being.

Keywords:

cognitive biases intertemporal decision-making time preference

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Area of Science:

Behavioral Economics
Psychology
Health Sciences

Background:

Cognitive biases significantly impact decision-making, particularly concerning outcomes evaluated over time.
Understanding these biases is crucial for analyzing intertemporal judgments and trade-offs.
Research spans behavioral economics, psychology, and health to provide a comprehensive overview.

Purpose of the Study:

To systematically review and synthesize research on six key time-related cognitive biases.
To analyze the mechanisms, interrelationships, and impacts of these biases on individual and societal decisions.
To propose evidence-based strategies for mitigating the adverse effects of time-related biases.

Main Methods:

Systematic literature review across multiple scientific domains.
Analysis of empirical evidence on cognitive biases affecting intertemporal decision-making.
Synthesis of findings to identify bias mechanisms and propose mitigation strategies.

Main Results:

Identification and analysis of six distinct time-related cognitive biases.
Mapping of interrelationships between biases and their influence on choices.
Evidence supporting tailored strategies to counteract bias effects.

Conclusions:

Enhanced understanding of time-related cognitive biases and their influence on decision-making.
Practical insights for improving individual choices and public policy design.
Identification of research gaps and a future agenda for intertemporal decision-making studies.