Time-dependent gambling: odds now, money later

J Exp Psychol Gen. 2002 Sep;131(3):364-76. doi: 10.1037//0096-3445.131.3.364.

Abstract

Four experiments investigated temporal changes in the influence of probability and payoffs on gambling. Using urn draws, the authors found in Experiment I that temporal distance increased the influence of payoffs and decreased the influence of probability on preferences. The authors found in Experiment 2 that in choosing among the more distant gambles, participants offered more reasons dealing with payoffs and fewer reasons dealing with probability. In Experiments 3 and 4, the authors extended the scope of these findings using a card game and a raffle. The results were interpreted in terms of a temporal construal process that highlights the desirability of outcomes in the distant future and the feasibility of attaining the outcomes in the near future.

Publication types

  • Comparative Study
  • Research Support, U.S. Gov't, Non-P.H.S.
  • Research Support, U.S. Gov't, P.H.S.

MeSH terms

  • Decision Making*
  • Female
  • Gambling / psychology*
  • Humans
  • Probability
  • Reward
  • Time Factors