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September 23, 2025Open Access

Intertemporal choices are influenced by many things beyond time itself

Key Points

Intertemporal choices are influenced by clarity and certainty of future rewards, along with individual differences in time perception.
The chapter reviews the limitations of common temporal discounting functions, suggesting a need for more nuanced interpretations.
Attribute-based models provide deeper insights into decision-making alongside traditional process-tracing methods used in neuroeconomics.
Self-control may not solely explain preferences for immediate rewards, highlighting the complex psychology behind intertemporal choices.

Abstract

Intertemporal choices balance immediate rewards against future outcomes across various life domains. This chapter explores temporal discounting, where future rewards are devalued compared to immediate ones. This chapter examines the usefulness and shortcomings of common temporal discounting functions. It also investigates how attribute-based models, which consider specific features of rewards complement process-tracing methods and other neuroeconomic tools. I discuss how the clarity and certainty of future rewards, along with individual differences in time perception, influence intertemporal choices. I also discuss the role of self-control in intertemporal choices, questioning whether selecting a smaller, sooner reward necessarily indicates a lack of self-control. The chapter highlights recent work on the psychology and neurobiology of intertemporal choice, highlighting its complexity and the need for nuanced interpretations.

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