Intertemporal Altruism

Most prosocial decisions involve intertemporal trade-offs. Yet, the timing of prosocial utility flows is ambiguous and bypassed by most models of other-regarding preferences. We study the behavioral implications of the time structure of prosocial utility, leveraging a conceptual distinction between consequence-dated and choice-dated utility flows. We conduct a high-stakes donation experiment that comprehensively characterizes discounting behavior in self–other tradeoffs and allows us to identify different prosocial motives from their distinct time profiles. Our data can only be explained by a combination of choice- and consequence-dated prosocial utility. Both motives are pervasive and negatively correlated at the individual level. (JEL D15, D64, D91, I12, L31)