When faced with multi-outcome gambles involving possibilities of both gains and losses, people often use a simple heuristic that maximizes the overall probability of winning (Pwin). Across three different studies, using choice data as well as process data from eye tracking, we demonstrate that...

Prior research has demonstrated that individuals show decreasing levels of impatience as the delay of consumption gets longer (i.e., present-bias). We examine the psychological underpinnings of such present-biased preferences by conceptualizing timing decisions as part of a series of judgments....