Episodic Future Thinking Reduces Delay Discounting of Gains and Losses: The Role of Regulatory Focus†

We examined the moderating effect of regulatory foci on the efficacy of episodic future thinking in reducing delay discounting. We hypothesized that the impact of imagining positive future events (vs. recent positive events) on delay discounting of gains would be stronger for individuals with a high promotion focus than for those with a high prevention focus (Hypothesis 1). Conversely, the effects of imagining adverse future events (vs. recent negative events) on delay discounting of losses would be stronger for individuals with a high prevention focus than for those with a high promotion focus (Hypothesis 2). We conducted two experiments in which participants, randomly allocated to episodic future thinking (EFT) or episodic recent thinking (ERT) groups, completed a delayed discounting task of gain (Experiment 1) or loss (Experiment 2). Experiment 1 (N = 73) weakly supported Hypothesis 1; Experiment 2 (N = 99) did not support Hypothesis 2. Our findings suggest positive EFT is particularly effective for individuals with a high promotion focus compared to individuals with a high prevention focus, which further reveals how EFT attenuates delay discounting.