Evaluation Scale or Output Format: The Attentional Mechanism Underpinning Time Preference Reversal

Frontiers in Psychology 13 (2022)
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Abstract

Time preference reversals refers to systematic inconsistencies between preferences and valuations in intertemporal choice. When faced with a pair of intertemporal options, people preferred the smaller-sooner option but assign a higher price to the larger-later one. Different hypotheses postulate that the differences in evaluation scale or output format between the choice and the bid tasks cause the preference reversal. However, these hypotheses have not been distinguished. In the present study, we conducted a hybrid task, which shares the same evaluation scale with the bid task and shares the same output format with the choice task. By comparing these three tasks, we can figure out the key reason for time preference reversal. The eye-tracking measures reflecting attention allocation, cognitive effort and information search pattern were examined. Results showed that participants' time preference and eye-tracking measures in the hybrid task were similar to those in the choice task, but different from those in the bid task. Our findings suggest that the output format is the core reason for time preference reversal and may deepen our understanding of the mechanisms that underlie time preference reversal.

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Author Profiles

H. C. B. Liu
University of California, Berkeley

References found in this work

The empirical case for two systems of reasoning.Steven A. Sloman - 1996 - Psychological Bulletin 119 (1):3-22.
The construction of preference.Sarah Lichtenstein & Paul Slovic (eds.) - 2006 - New York: Cambridge University Press.
In two minds: dual-process accounts of reasoning.Jonathan St B. T. Evans - 2003 - Trends in Cognitive Sciences 7 (10):454-459.
The psychology of intertemporal tradeoffs.Marc Scholten & Daniel Read - 2010 - Psychological Review 117 (3):925-944.

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