“I want it now!” Intertemporal Choice Through the Lens of Valence Weighting Bias

Abstract

The current research presents a novel perspective regarding individual differences in intertemporal choice preferences. We postulate that such differences are partly rooted in individuals’ valence weighting proclivities—their characteristic manner of weighting positive and negative valence when constructing an initial evaluation. Importantly, valence weighting bias should predict intertemporal choice most strongly (a) for those who are relatively low in trait self-control and (b) when the magnitude of the available rewards is relatively small, because these two factors are associated with lesser motivation/resources to deliberate extensively about one's decision. More specifically, we propose that those with a more positive weighting bias give greater weight to the clearly positive immediate reward that is under consideration, and under these conditions, the resulting appraisal shapes choice more strongly. Using a performance-based measure of valence weighting tendencies, a hypothetical intertemporal choice task, and a self-report measure of trait self-control, we provide evidence for our hypothesis.