Classical economics theory assumes perfect human rationality. However, decades of research in decision-making have established that actual behavior deviates systematically from rational model, individuals are always bounded rational. Strategically equivalent procedures for assessing preferences should give rise to the same preference order. A series of study documented robust preference-reversal phenomena through the task of choice and pricing, choice and matching, joint and separate evaluation. Though choice and giving-up are strategically equivalent, we think the preference elicited through a direct choice differs from the preference elicited through a giving-up task in the intertemporal decision-making.
According to the Construal Level Theory (CLT), individuals may use different level construal in the procedure of choice and giving-up. Individuals may use low-level construal in the choice task, and high-level construal in the giving-up task. Therefore, we predict that individuals will focus on the time in the choice task, which is the low-level feature. While individuals will focus on the money in the giving-up task, which is the high-level feature. Hence, individuals prefer the larger-but-later option more in the giving-up task than in the choice task. In this research, we conducted three studies to explore the preference-change phenomenon elicited through choice and giving-up tasks in intertemporal decision-making.
Study 1 used two experiments to investigate the difference about construal level between choice task and giving-up task. Experiment 1 measured the difference about construal level directly by the Behavior Identification Form. Experiment 2 investigate the effects of feasibility and desirability in choice and giving-up task. The results supported the hypothesis: the construal level in giving-up task is higher..
Study 2 explored the preference-change phenomenon between choice and giving-up task in intertemporal decision-making. Experiment 3 measured the discounting rate through a quantitative way to test the impact of two different decision-making procedure on individual preference. Experiment 4 used the classical research paradigm in intertemporal decision-making studies to test the influence of the two decision-making procedure, which is a qualitative way. Both these two experiments showed that relative to the choice task, individuals prefer the larger-but-later option more.
Study 3 primed different level construals to examine the impact of it on individuals’ decision preference in different procedures. Study 3 showed that the subjective value of the delayed reward will increase as the construal level increase. It means that construal level is the potential factor which affects the intertemporal preference. It’s worth a further study in the future research.
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