Time Overestimation Devalues Future Rewards: Electroencephalogram Evidence from Intertemporal Choice

Background/Objectives: The perceived-time-based model posits that time perception is a critical factor in intertemporal decision-making; however, the mechanisms underlying this influence remain inadequately explored. Despite growing behavioral and neuroimaging findings, no study has directly compared the temporal neural dynamics of individuals who overestimate or underestimate time during intertemporal choices. Methods: This study screened participants with time overestimation or underestimation to examine differences in their electroencephalogram (EEG) activity during an intertemporal choice task. Results: Behavioral results revealed that the time overestimation group selected the smaller-sooner (SS) option at a higher rate than the time underestimation group, exhibiting a myopic decision-making tendency. EEG results revealed that, compared to the time overestimation group, the time underestimation group exhibited a more pronounced N2 amplitude, an enhanced P300 amplitude, and greater beta band oscillations. Within the time overestimation group, the larger-later (LL) option elicited a more negative N2 amplitude than the SS option. Conversely, in the time underestimation group, the LL option elicited a more positive P300 amplitude than the SS option. Conclusions: The results indicate that, during intertemporal decision-making, the time overestimation group experienced more conflict in the LL option, demonstrating lower cognitive control and fewer cognitive resources. This tendency may be driven by a hot system, resulting in more impulsive choices.