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The hidden opportunity cost of time effect on intertemporal choice
Zhao, Cui-Xia1; Jiang, Cheng-Ming2; Zhou, Lei3; Li, Shu3; Rao, Li-Lin3; Zheng, Rui3
2015-03-27
Source PublicationFRONTIERS IN PSYCHOLOGY
ISSN1664-1078
SubtypeArticle
Volume6Issue:0Pages:1-7
QuartileQ1
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.

Keywordintertemporal choice opportunity cost time SS choice LL choice
Indexed BySSCI ; SSCI
Language英语
WOS IDWOS:000352029200001
Citation statistics
Cited Times:7[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.psych.ac.cn/handle/311026/13509
Collection中国科学院行为科学重点实验室
Corresponding AuthorRao, Li-Lin; Zheng, Rui
Affiliation1.Shandong Normal Univ, Sch Psychol, Jinan, Peoples R China
2.Zhejiang Univ Technol, Coll Econ & Management, Hangzhou, Zhejiang, Peoples R China
3.Chinese Acad Sci, Inst Psychol, Key Lab Behav Sci, Beijing 100101, Peoples R China
Recommended Citation
GB/T 7714
Zhao, Cui-Xia,Jiang, Cheng-Ming,Zhou, Lei,et al. The hidden opportunity cost of time effect on intertemporal choice[J]. FRONTIERS IN PSYCHOLOGY,2015,6(0):1-7.
APA Zhao, Cui-Xia,Jiang, Cheng-Ming,Zhou, Lei,Li, Shu,Rao, Li-Lin,&Zheng, Rui.(2015).The hidden opportunity cost of time effect on intertemporal choice.FRONTIERS IN PSYCHOLOGY,6(0),1-7.
MLA Zhao, Cui-Xia,et al."The hidden opportunity cost of time effect on intertemporal choice".FRONTIERS IN PSYCHOLOGY 6.0(2015):1-7.
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