Preferences for sequences of outcomes.
Bibliographic Data
| ID | 23345563 |
|---|---|
| Authors | G Loewenstein (0000-0003-2790-0474, Carnegie Mellon University), George F Loewenstein, Drazen Prelec (0000-0002-9507-5368, Decision Sciences (United States)) |
| Year | 1993 |
| Volume | 100 |
| Issue | 1 |
| Pages | 91-108 |
| Publication date | 1993-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Psychological Review (JOURNAL) |
| Journal identifiers | ISSN: 0033-295X • E-ISSN: 1939-1471 |
| Publisher | American Psychological Association (APA) (PUBLISHER) |
| DOI | 10.1037/0033-295x.100.1.91 |
| OpenAlex | W2091449145 |
| Language | EN |
| Citations received | 118 |
| References cited | 15 |
Existing models of intertemporal choice normally assume that people are impatient, preferring valuable outcomes sooner rather than later, and that preferences satisfy the formal condition of independence, or separability, which states that the value of a sequence of outcomes equals the sum of the values of its component parts.The authors present empirical results that show both of these assumptions to be false when choices are framed as being between explicitly denned sequences of outcomes.Without a proper sequential context, people may discount isolated outcomes in the conventional manner, but when the sequence context is highlighted, they claim to prefer utility levels that improve over time.The observed violations of additive separability follow, at least in part, from a desire to spread good outcomes evenly over time.
Biology · Cognitive psychology · MEDLINE · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Experimental Behavioral Economics Studies · Psychology
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| Unique citing works | 118 |
|---|---|
| Citations per year | 3,58 |
| Citation span | 1993 - 2026 (34) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 94 |