title: The hidden opportunity cost of time effect on intertemporal choice.
abstract: An interesting phenomenon called "hidden opportunity cost of time effect" was detected in intertemporal choices. The majority of our participants preferred the smaller but sooner (SS) option to the larger but later (LL) option if opportunity cost was explicit. However, a higher proportion of participants preferred the LL to SS option if opportunity cost was hidden. This shift violates the invariance principle and opens a new way to encourage future-oriented behavior. By simply mentioning the "obvious" opportunity cost of alternatives, decision makers can be more informed in prioritizing their long-term goals rather than short-term goals.
authors: School of Psychology, Shandong Normal University Jinan, China.
authors: Cui-Xia
authors: CX
authors: Zhao
authors: College of Economics and Management, Zhejiang University of Technology Hangzhou, China.
authors: Cheng-Ming
authors: CM
authors: Jiang
authors: Key Laboratory of Behavioral Science, Institute of Psychology, Chinese Academy of Sciences Beijing, China.
authors: Lei
authors: L
authors: Zhou
authors: Key Laboratory of Behavioral Science, Institute of Psychology, Chinese Academy of Sciences Beijing, China.
authors: Shu
authors: S
authors: Li
authors: Key Laboratory of Behavioral Science, Institute of Psychology, Chinese Academy of Sciences Beijing, China.
authors: Li-Lin
authors: LL
authors: Rao
authors: Key Laboratory of Behavioral Science, Institute of Psychology, Chinese Academy of Sciences Beijing, China.
authors: Rui
authors: R
authors: Zheng
keywords: LL choice; SS choice; intertemporal choice; opportunity cost; time