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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Towards an incentive salience model of intertemporal choice
Authors: Lades, Leonhard
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Keywords: Intertemporal consumer choice
‘Wanting’ versus ‘liking’
Issue Date: Aug-2012
Publisher: Elsevier
Citation: Lades L (2012) Towards an incentive salience model of intertemporal choice, Journal of Economic Psychology, 33 (4), pp. 833-841.
Abstract: This theoretical paper presents an incentive salience model of intertemporal choice. The model is a variation of the quasi-hyperbolic discounting model. Based on the distinction between ‘wanting' and ‘liking', the paper presents one possible explanation of impulsive choices of smaller sooner rewards instead of larger later ones. These impulsive choices are induced by cues that trigger strong motivational ‘wanting' to obtain smaller sooner rewards, but do not necessarily influence the degree to which the rewards are ‘liked'. Cue-triggered ‘wanting' can occur when an individual is in a specific need deprivation state, perceives a cue previously associated with an immediately obtainable reward, knows that the cued reward can reduce the current deprivation state, and lacks self-control. Attributable to the integration of cue-triggered ‘wanting' into an intertemporal choice model, the incentive salience can account for anomalies in intertemporal choice such as present-biased preferences and the domain effect.
Type: Journal Article
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Rights: The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: Economics

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