Models of intertemporal choice draw on three evaluation rules, which we compare in the restricted domain of choices between smaller sooner and larger later monetary outcomes. The hyperbolic discounting model proposes an alternative-based rule, in which options are evaluated separately. The interval discounting model proposes a hybrid rule, in which the outcomes are evaluated separately, but the delays to those outcomes are evaluated in comparison with one another. The tradeoff model proposes an attribute-based rule, in which both outcomes and delays (...) are evaluated in comparison with one another: People consider both the intervals between the outcomes and the compensations received or paid over those intervals. We compare highly general parametric functional forms of these models by means of a Bayesian analysis, a method of analysis not previously used in intertemporal choice. We find that the hyperbolic discounting model is outperformed by the interval discounting model, which, in turn, is outperformed by the tradeoff model. Our cognitive modeling is among the first to offer quantitative evidence against the conventional view that people make intertemporal choices by discounting the value of future outcomes, and in favor of the view that they directly compare options along the time and outcome attributes. (shrink)

The ability to delay rewards is one of the most useful qualities one may wish to develop. People who possess this quality achieve more successful careers, display better interpersonal skills and are less vulnerable to psychopathology, obesity or addictions. In the present online studies, we investigated the extent to which delay-of-reward behaviors in female participants can be improved by observing others mastering it. We developed an intertemporal choice (IC) paradigm in which participants had to make fictitious choices between sooner smaller (...) rewards and later bigger ones (e.g. $150 in one week vs $170 in 4 weeks). In Study 1 (N = 186), we found that participants who delayed more had higher socioeconomic statuses and were less likely to procrastinate, smoke or develop obesity. In Study 2 (N = 178), we exposed female participants to a role model who, faced with intertemporal choices, chose most of the time the delayed option. Results showed that, although participants were only asked to memorize the model’s decisions, they tended to choose the delayed option more often after than before exposure to the model. In Study 3 (N = 148), we found that the direction of the influence depended on the model’s behavior: Our female participants delayed more after having seen a high delay than a low delay model. In Study 4 (N = 370), we confirmed the effect of modeling on intertemporal choices in comparison to a control condition and showed that this effect was still significant three months after exposure to the model. Altogether, these results speak in favor of a high efficacy of modeling to develop self-control in women. (shrink)