Time-dependent gambling: odds now, money later.
Four experiments investigated temporal changes in the influence of probability and payoffs on gambling. Using urn draws, the authors found in Experiment I that temporal distance increased the influence of payoffs and decreased the influence of probability on preferences. The authors found in Experiment 2 that in choosing among the more distant gambles, participants offered more reasons dealing with payoffs and fewer reasons dealing with probability. In Experiments 3 and 4, the authors extended the scope of these findings using a card game and a raffle. The results were interpreted in terms of a temporal construal process that highlights the desirability of outcomes in the distant future and the feasibility of attaining the outcomes in the near future.
Sagristano
Michael D
MD
Department of Psychology, New York University, New York 10003, USA.
Trope
Yaacov
Y
Liberman
Nira
N
D003657:Decision Making; D005260:Female; D005715:Gambling / Q000523:psychology*; D006801:Humans; D011336:Probability; D012201:Reward; D013997:Time Factors