Effects of self–other decision‐making on time‐based intertemporal choice

Abstract

The effects of self–other decision‐making on intertemporal choice have been revealed in many studies using a monetary outcome. However, the outcome of intertemporal choice is not restricted to money; time is also a scarce and nonrenewable resource outcome. Thus, we conducted a series of experiments to address the effects of self–other decision‐making on time‐based intertemporal choice, a type of intertemporal choice that uses time as an outcome. Over the course of three experiments, differences in self–other decision‐making were evidenced. Participants who made decisions for others were more likely to prefer the smaller but sooner (SS) option over the larger but later (LL) option and considered the gain of the SS option to be significantly greater than that of the LL option. Participants who made decisions for themselves were likely to prefer the LL option over the SS option. However, they considered the gains of the LL and the SS option to be indifferent. Changing the role of decision‐making could affect the ability of individuals to consider the future consequences of their decisions. The effects of self–other decision‐making on time‐based intertemporal choice could be explained by the accounts of economic reasoning and construal level theory. The findings indicated that the effects of self–other decision‐making on time‐based intertemporal choice, which could be generated simply by rewording questions, can help individuals make optimal long‐term choices without the need for increased control.