| Abstract: | We extend the literature on intertemporal choice by investigating how possession of knowledge related to the present value of future outcomes (PV knowledge) affects the extent to which individuals weight certain attributes when evaluating outcome sequences. While PV-knowledgeable individuals can ascribe value to attributes according to their PV relevance (or irrelevance), unknowledgeable individuals cannot do so. Such knowledge, therefore, likely interacts with outcome-sequence attributes to affect the extent to which individuals exhibit impatience when evaluating outcome sequences. The main experimental findings indicate that higher PV knowledge increases the extent to which individuals value impatience (as opposed to improvement). However, these findings also reinforce a need to distinguish among impatience, improvement, and PV because some higher PV knowledge participants willingly sacrifice PV while exhibiting impatience (while others do so in order to gain improvement). Overall, PV considerations appear central, but not determinative, in higher PV-knowledgeable individuals' evaluations of outcome sequences. |
