When waiting to choose increases patience

We explore how waiting to choose influences patience. We propose that waiting to make an intertemporal choice increases the assumed value of the items for which people are waiting, leading them to become more patient. Five studies support this model. Study 1 finds that after waiting to choose, people exhibit greater patience than if they had not waited or before they had started to wait. Studies 2a and 2b find that increased valuation (rather than decreased cost of the wait) mediates the impact of waiting on patience. Study 3 further finds that whereas waiting to choose increases preference for a larger-later (over smaller-sooner) item, it also increases willingness to pay to expedite delivery of a single item. Finally, study 4 shows the waiting effect is stronger for hedonic than for utilitarian products. These studies modify existing theory by identifying the conditions under which waiting to choose can improve patience.     

Compared to Dematerialized Money,Cash Increases Impatience in Intertemporal Choice

When it comes to trading time for money (or vice versa), people tend to be impatient and myopic. Often dramatically so. For illustration, half of people would rather collect $15 now than $30 in 3 months. This willingness to forego 50% of the reward to skip a 3‐month wait corresponds to an annual discount rate of 277%. This article investigates how money's physical form biases intertemporal choice. We ask, what happens to (im)patience (i.e., discount rates) when time is traded against cash rather than against an equivalent sum of dematerialized money? We find that intertemporal decisions pitting time against cash (rather than against dematerialized money) increase impatience. The underlying mechanism relates to the pain of parting from money. Letting go of cash (dematerialized money) we can have now is psychologically more (less) painful, which in turn reduces (increases) our willingness to wait for larger‐later payoffs. Importantly, heightening prevention focus (i.e., concerns for safety and security) moderates this bias. The article concludes by discussing the implications of the research, particularly for the psychology of saving behavior.     

Testing the effect of risk on intertemporal choice in the Chinese cultural context

Previous studies using Western samples have found that introducing uncertainty to an intertemporal choice decreases the degree of discounting future rewards. The authors of this article examined the effect of risk on intertemporal choice using Chinese participants and found that respondents preferred the smaller but sooner (SS) outcome to the larger but later (LL) one in the presence of risk, which indicates that risk increases rather than decreases the degree of discounting future rewards. Thus, variations in response patterns between different cultural groups suggest that culture may play an important role in intertemporal choice and researchers should delve into this topic from an emic rather than an etic perspective.     

The Consumption Consequences of Couples Pooling Finances

When couples decide to share their lives, they must also decide how to pool their finances. In this article, we ask: Does the type of bank account from which one spends (joint vs. separate) affect the type of products one chooses to buy (utilitarian vs. hedonic)? Real‐world evidence from analyzing bank transaction records (study 5), as well as data collected from experiments in the field (studies 1 and 2) and lab (studies 3 and 4), converge to support the hypothesis that couple members who spend from a joint bank account are more likely to choose utilitarian (vs. hedonic) products, than those who spend from a separate bank account. We find that these different spending patterns are driven by an increased need to justify spending to one's partner that is experienced when money is pooled together. If a hedonic product becomes easier to justify (study 4), the effect of account type on spending patterns disappears. These findings have important theoretical and practical implications for better understanding financial decision‐making within romantic couples.     

So curious that I want to buy it: The positive effect of queue wait on consumers' purchase intentions

Queue wait is a prevalent daily experience, with most prior research documenting its negative consequences on consumer outcomes. Recent research has suggested otherwise, revealing potential positive effects of queue wait. However, studies on the positive queue effects are rather limited and have largely neglected the role of consumers' affective experience in driving potential favorable consumer outcomes. Expanding this stream of research, in this article, we build on the queue wait literature and the curiosity literature to propose that the presence of queue waits generates feelings of curiosity and more importantly such curious feelings influence consumers' decision-making in fashions that enhance their purchase intentions. The boundary condition for this effect was also examined. Five studies provided empirical evidence: the presence versus absence of queue wait enhances participants' purchase intentions that carry real consequences (Study 1); this effect is mediated by participants' feelings of curiosity after accounting for quality (Study 2) or after controlling for quality (Studies 1, 3–5), and is stronger among participants with hedonic versus utilitarian consumption motivation (Studies 4 and 5). By documenting the curiosity account for the positive effect of queue wait on consumers' purchase intentions, this research adds to extant research on positive queue effects and expands the curiosity literature into the queue wait context. The observed moderating effect of hedonic versus utilitarian consumption motivation echoes with the curiosity account. Practical implications for marketers were discussed.     

金钱崇拜对个体跨期决策偏好的影响

采用经典跨期选择任务范式,以个体的金钱喜好差异为切入点,通过问卷调查和行为实验考察金钱崇拜对个体跨期决策偏好的影响。结果发现:(1)个体的金钱崇拜水平与其跨期折扣倾向显著负相关;(2)无论跨期决策任务的难易和兑现时间的长短,高金钱崇拜者更倾向于选择较大的延迟奖赏,而低金钱崇拜者更倾向于选择较小的即时奖赏;(3)高、低金钱崇拜者的跨期决策反应时没有明显的差异,但二者的反应时都明显地受到任务难度的影响,即在容易条件下的反应速度显著快些。结果表明,个体的金钱崇拜水平在跨期决策过程中发挥着重要的作用,致使高金钱崇拜者更愿意等待延迟大奖赏的到来。     

The impact of different product formats on inaction inertia

ABSTRACT

The inaction inertia effect describes situations in which a person rejects an opportunity after having forgone a relatively superior opportunity. This study explores whether product format (hedonic vs. utilitarian) affects the inaction inertia effect. The authors build on previous findings that show comparisons of utilitarian benefits are easier than hedonic benefits, and hedonic consumption (vs. utilitarian consumption) usually generates greater pleasure. The authors propose that people show higher inaction inertia after they have missed a superior utilitarian consumption opportunity than after they have missed a superior hedonic consumption opportunity. This prediction was tested and supported in three different experiments. Moreover, the authors found that differences in comparability between products, rather than the hedonic pleasure, explain differences in inaction inertia effects. These findings contribute to the inaction inertia literature and marketing practice.     

Attracting new customers to loyalty programs: The effectiveness of monetary versus nonmonetary loyalty programs

What type of reward attracts customers to loyalty programs? Given the increasing importance of loyalty programs, this question matters. Six sequential studies investigated whether monetary rewards universally attract people more than nonmonetary rewards. Results suggest that monetary rewards elicit a very robust attractiveness premium both on the level of individual rewards as well as on the level of entire reward programs. Across different industries, the more monetary loyalty program was consistently perceived as more attractive, and it was more likely to inspire intentions to join the program. Even in light of variations in consumption goals (hedonic vs. utilitarian), the effect persisted. The effect is not only consistent; it is also nonnegligible with medium effect sizes emerging in most settings. We discuss ensuing variations in effect sizes and conclude that monetarism holds a pervasive temptation for consumers that managers cannot ignore.     

权力与耐心：权力感对时间知觉与跨期决策的影响

已有研究发现高权力感会使个体更耐心,更偏好延迟的大奖励。本研究假设高权力感导致耐心也会体现在时间知觉上,并且时间知觉是高权力导致耐心的心理机制。研究通过考察权力感对时间知觉与跨期决策的影响,以及时间知觉的中介作用对此假设进行了检验。实验1通过回忆法启动权力感,检验权力感对时间知觉的影响;实验2采用角色扮演法启动权力感,考察权力感对跨期决策的影响,并检验时间知觉的中介作用。结果发现：相比低权力感,高权力感个体感觉时间过得更快,进而使个体在跨期决策中更偏好延迟的大奖励,权力感并不直接影响跨期决策。研究揭示了权力感对时间知觉的影响,为权力感影响耐心行为的解释提供了时间知觉的新视角。     

Business or pleasure? Utilitarian versus hedonic considerations in emotion regulation

It is widely accepted that emotions have utilitarian as well as hedonic consequences. Nevertheless, it is typically assumed that individuals regulate emotions to obtain hedonic, rather than utilitarian, benefits. In this study, the authors tested whether individuals represent the utility of pleasant and unpleasant emotions and whether they would be motivated to experience unpleasant emotions if they believed they could be useful. First, findings revealed that participants explicitly viewed approach emotions (e.g., excitement) as useful for obtaining rewards, but viewed avoidance emotions (e.g., worry) as useful for avoiding threats. Second, this pattern was replicated in implicit representations of emotional utility, which were dissociated from explicit ones. Third, implicit, but not explicit, representations of emotional utility predicted motives for emotion regulation. When anticipating a threatening task, participants who viewed emotions such as worry and fear as useful for avoiding threats preferred to engage in activities that were likely to increase worry and fear (vs. excitement) before the task. These findings demonstrate that utilitarian considerations play an important, if underappreciated, role in emotion regulation.     

The impact of locus of control and priming on the endowment effect

This paper demonstrates the effects of different priming conditions on the endowment effect with respect to seller and buyer roles for individuals with different loci of control. Individuals with an external locus of control process information less rationally, and they are more susceptible to external influences. In addition, the literature reports that when individuals are making a purchasing decision, they tend to perceive the value of the product as being higher because of its utility aspect because decision makers search for reasons and arguments to justify their choices (Shafir 1993; Tversky & Griffin, 1991). Therefore, this study investigates the effects of different priming conditions (utilitarian priming vs. hedonic priming) on the endowment effect according to each type of locus of control (internal vs. external). The results showed that the endowment effect was larger when externals were exposed to utilitarian priming as opposed to hedonic priming. Finally, the implications of these findings and suggestions for future research are discussed.     

Regulatory focus and preference reversal between hedonic and utilitarian consumption

This article explores the impact of consumers' regulatory goals on their relative focus on hedonic (versus utilitarian) benefits of products. Drawing from extant literature, we argue that promotion‐focused consumers will exhibit more favorable attitude towards a product when its hedonic benefits are highlighted in comparison to its utilitarian benefits. Prevention‐focused consumers on the other hand will exhibit more favorable attitude towards a product when its utilitarian benefits are highlighted in comparison to its hedonic benefits. We further argue that this effect is moderated by contextual factors, such as evaluation mode. In addition, we argue that the posited difference only holds when the hedonic and utilitarian products are evaluated individually. When the two products are evaluated jointly, both promotion and prevention‐focused individuals will exhibit more favorable attitude towards the hedonic product. Two studies were conducted to test the hypotheses and findings supported our predictions. Copyright © 2011 John Wiley & Sons, Ltd.     

Anxiety and intertemporal decision making: The effect of the behavioral inhibition system and the moderation effects of trait anxiety on both state anxiety and socioeconomic status

Based on Gray's theory, which links the behavioral inhibition motivation system (BIS) to the personality trait of “anxiety”, the present study examined whether anxiety (trait vs. state), BIS sensitivity, and family socioeconomic status in childhood (SES) had an interactive or independent impact on intertemporal decision-making processes. The study also investigated whether participants with high trait anxiety had a significantly different choice preference on the immediate but smaller (SS) rewards over the larger but delayed (LL) rewards. Participants (N = 108) were randomly assigned to either the anxiety or the control condition. Results showed that people with a higher BIS score tended to choose less SS rewards. Trait anxiety was found to moderate both state anxiety and childhood SES to influence intertemporal decision processes. We further found high or low trait anxiety significantly influenced people's choice preference. Speculations on the psychological meanings of the findings were discussed from the perspective of biased risk perception. Limitations and implications were also discussed.     

Exerting Self‐Control ≠ Sacrificing Pleasure

Self‐control is a prominent topic in consumer research, where it is often conceptualized as the abstinence from hedonic consumption. We examine whether this conceptualization accurately captures consumers’ experiences of self‐control conflicts/failures in light of seminal self‐control theories in economics and psychology. Rejecting that notion, we argue that self‐control failures are choices in violation of superordinate long‐term goals accompanied by anticipated regret, rather than choices of hedonic over utilitarian consumption. This conceptualization has important methodological, theoretical, and practical implications. Methodologically, it highlights the need for experimental paradigms with higher construct validity. Theoretically, it helps elucidate how self‐control is distinct from impatience and self‐regulation. Practically, it provides a rich set of implications for deducing interventions on the individual and public policy level to help consumers exert self‐control.     

产品类型对购物冲量效应的调节作用分析

基于享乐品-实用品有关研究及购物冲量效应, 考察产品类型对购物冲量效应的调节作用及其内在机制。实验一通过现场研究验证购买实用品提高后续购买概率, 购买享乐品降低其概率; 实验二为实验室实验, 再次验证该调节作用, 并验证内在原因：购买享乐品更可能激发内疚感、花钱的痛苦甚至负面自我形象和高层次目标, 导致理由性思维占主导, 前次购买引发的应用思维定式受到削弱。相比于实用品, 购买享乐品引发购物冲量效应的可能性更低。     

Elevated outcome-anticipation and outcome-evaluation ERPs associated with a greater preference for larger-but-delayed rewards

Although waiting for a reward reduces or discounts its value, some people have a stronger tendency to wait for larger rewards and forgo smaller-but-immediate rewards. This ability to delay gratification is captured by individual differences in so-called intertemporal choices in which individuals are asked to choose between larger-but-delayed versus smaller-but-immediate rewards. The current study used event-related potentials (ERPs) to examine whether enhancement in two neurocognitive processes, outcome anticipation and outcome evaluation, modulate individual variability in intertemporal responses. After completing a behavioral intertemporal choice task, 34 participants performed an ERP gambling task. From this ERP task, we separately examined individual differences in outcome anticipation (stimulus-preceding negativity; SPN), early outcome valuation (feedback-related negativity; FRN), and late outcome evaluation (P3). We observed that both elevated outcome-anticipation (SPN) and late outcome-evaluation (P3) neural processes predicted a stronger preference toward larger-but-delayed rewards. No relationship was observed between intertemporal responses and early outcome evaluation (FRN), indicating that the relationship between outcome evaluation and intertemporal responses was specific to the late outcome-evaluation processing stream. Moreover, multiple regression analyses indicated that the SPN and P3 independently modulate individual differences in intertemporal responses, suggesting separate mechanisms underlie the relationship between these two neurocognitive processes and intertemporal responses. Accordingly, we identify two potential neurocognitive modulators of individual variability in intertemporal responses. We discuss the mechanisms underlying these modulators in terms of anticipation-related processing (SPN) and a saliency bias toward gain (compared to loss) outcomes (P3).     

The Selection of Freebies and the Preference for Freebie Promotions—A Perspective on Item Characteristics

Research on consumer decision making has mainly focused on individual products; however, many products are purchased with other items as part of a promotional package. This paper explores how the characteristics (hedonic versus utilitarian) of the items in freebie promotional packages (e.g., buy one item and get a different item for free) influence consumers' preference for the promotional package. Additionally, the authors examine how the characteristics of the focal item influence consumers' choice of either a hedonic or a utilitarian freebie item. Five experiments, rooted in the concepts of consumer avoidance of overloading negative emotions and motivation to seek hedonic pleasure, show that a package with one utilitarian and one hedonic item generates higher purchase intentions and willingness to pay than a package with either two hedonic or two utilitarian items. Furthermore, consumers who purchase a hedonic (utilitarian) focal item are more likely to choose a utilitarian (hedonic) freebie. These effects exist not only in hypothetical scenarios but also in an incentive‐compatible design. Moreover, the impact of the focal item characteristics on consumer choice of freebie is moderated by acquisition format and time separation. The authors also explore the internal mechanism influencing consumers' freebie choices. The findings have significant implications for both theory and practice. Copyright © 2016 John Wiley & Sons, Ltd.     

Effects of self–other decision-making on time-based intertemporal choice

The effects of self–other decision-making on intertemporal choice have been revealed in many studies using a monetary outcome. However, the outcome of intertemporal choice is not restricted to money; time is also a scarce and nonrenewable resource outcome. Thus, we conducted a series of experiments to address the effects of self–other decision-making on time-based intertemporal choice, a type of intertemporal choice that uses time as an outcome. Over the course of three experiments, differences in self–other decision-making were evidenced. Participants who made decisions for others were more likely to prefer the smaller but sooner (SS) option over the larger but later (LL) option and considered the gain of the SS option to be significantly greater than that of the LL option. Participants who made decisions for themselves were likely to prefer the LL option over the SS option. However, they considered the gains of the LL and the SS option to be indifferent. Changing the role of decision-making could affect the ability of individuals to consider the future consequences of their decisions. The effects of self–other decision-making on time-based intertemporal choice could be explained by the accounts of economic reasoning and construal level theory. The findings indicated that the effects of self–other decision-making on time-based intertemporal choice, which could be generated simply by rewording questions, can help individuals make optimal long-term choices without the need for increased control.     

Goal–Attribute Compatibility in Consumer Choice

This research advances the notion that product evaluations are a function of the compatibility of consumers’ goals with the attributes describing choice alternatives. Building on the concept of self‐regulation, it is argued that attribute evaluations are moderated by individuals’ goal orientation and, specifically, that attributes compatible with individuals’ regulatory orientation tend to be overweighted in choice. This proposition is tested by examining the impact of goal orientation on consumer preferences in 3 different contexts: (a) hedonic versus utilitarian attributes, (b) performance versus reliability attributes, and (c) attractive versus unattractive (good vs. bad) attributes. The data show that prevention‐focused individuals are more likely to overweight (in relative terms) utilitarian, reliability‐related, and unattractive attributes than promotion‐focused consumers, who are more likely to place relatively more weight on hedonic, performance‐related, and attractive attributes. Considered together, these findings support the proposition that attributes compatible with individuals’ goal orientation tend to be overweighted in choice.     

Bidirectional examination of the interaction between time and numerosity corroborates that numerosity influences time estimation but not vice versa

There has been great interest in the idea that time, number, and space share a common magnitude system. However, only a handful of studies examined bidirectional interaction between time and number and the results varied depending on the specifics of the methods and stimulus properties of each study. The present study investigated bidirectional interaction between time and number using estimation tasks. We used duration (Experiment 1) and numerosity (Experiment 2) estimation tasks to investigate the effect of numerosity‐on‐duration and duration‐on‐numerosity estimation. The results from the two experiments demonstrated that numerosity influences duration processing but not vice versa; that is, there was unidirectional interaction between numerosity and time. The duration of stimulus presentation was overestimated for stimuli larger in (task‐irrelevant) numerosity. Possible mechanisms underlying the unidirectional interaction between time and number are discussed.