Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money

Yamamoto, Shohei; Shiba, Shotaro; Hanaki, Nobuyuki

Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money

Yamamoto, Shohei; Shiba, Shotaro; Hanaki, Nobuyuki

Institute of Social and Economic Research Discussion Papers, 2024, 1230, 1-63

Number of Access:241（2025-09-07 12:27 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/94654

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Title	Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money
Creator	NRID 1000090895814 1000090895814 CreatorName Yamamoto, Shohei
	NRID 1000020877740 1000020877740 CreatorName Shiba, Shotaro
	NRID 1000070400611 1000070400611 ORCID 0000-0003-3127-690X 0000-0003-3127-690X researchmap permalink nhanaki nhanaki Scopus Author ID 16233221700 16233221700 CreatorName Hanaki, Nobuyuki
Subject	time preferences
	losses
	incentivized experiment
Abstract	Previous research consistently identified differences in time preferences between effort and monetary decisions. However, the root cause of this difference—whether it stemmed from the intrinsic nature of the outcomes or the associated pleasurable or unpleasurable experiences—remained undefined. In response, we devised a novel two-stage experiment employing a 2 × 2 design contrasting outcomes (money and effort) and domains (pleasant and unpleasant). This approach allowed for the incentivization of all decisions, including those involving future monetary losses. Our study reveals sign-dependent preferences, showing varying degrees of impatience across pleasant or unpleasant experiences in monetary or effort-related choices. We also observed outcome-dependent preferences, particularly highlighting a higher level of impatience in unpleasant monetary choices compared with their effort-based counterparts. However, the degree of present bias did not differ across the four conditions.
Publisher	The Institute of Social and Economic Research, Osaka University
Source Title	Institute of Social and Economic Research Discussion Papers
Volume (Issue)	1230
Page	1-63
Date of Issued	2024-02
Language	English
Handle URL	https://hdl.handle.net/11094/94654
PISSN	0473453X
eISSN	24350982
Relation.references	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1230.pdf
Access Rights	metadata only access
Category	ディスカッション／ワーキング・ペーパー DP/WP
Category	Institute of Social and Economic Research Discussion Papers

Resource Type	technical report
Local Type	DP/WP
DCMI Type	Text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2024, 1230, p. 1-63
DC.title	Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money
DC.creator	Yamamoto, Shohei
	Shiba, Shotaro
	Hanaki, Nobuyuki
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	English
DC.type' scheme='DCTERMS.DCMIType	Text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2024-02
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1230.pdf
DC.subject	time preferences
	losses
	incentivized experiment
DCTERMS.abstract	Previous research consistently identified differences in time preferences between effort and monetary decisions. However, the root cause of this difference—whether it stemmed from the intrinsic nature of the outcomes or the associated pleasurable or unpleasurable experiences—remained undefined. In response, we devised a novel two-stage experiment employing a 2 × 2 design contrasting outcomes (money and effort) and domains (pleasant and unpleasant). This approach allowed for the incentivization of all decisions, including those involving future monetary losses. Our study reveals sign-dependent preferences, showing varying degrees of impatience across pleasant or unpleasant experiences in monetary or effort-related choices. We also observed outcome-dependent preferences, particularly highlighting a higher level of impatience in unpleasant monetary choices compared with their effort-based counterparts. However, the degree of present bias did not differ across the four conditions.
DC.format	94654
citation_title	Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money
citation_author	Yamamoto, Shohei
	Shiba, Shotaro
	Hanaki, Nobuyuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	English
citation_date	2024-02
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1230
citation_firstpage	1
citation_lastpage	63
citation_public_url	https://hdl.handle.net/11094/94654
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1230.pdf

Outcome- and Sign-Dependent Time Preferences : An Incentivized Intertemporal Choice Experiment Involving Effort and Money

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