We describe the DRIFT model, a heuristic description of framing effects in intertemporal choice, and four experiments testing its implications. In the experiments we vary how outcomes are framed – either as total interest earned, as the rate of interest or, as is traditionally done in studies...

Hyperbolic discounting of delayed rewards has been proposed as the underlying cause of the failure to stick to plans to forego one's immediate desires, such as the plan to diet, wake up early, or quit taking heroin. These planning failures could, however, result from other mechanisms that prior...

Research in intertemporal choice has been done in a variety of contexts, yet there is a remarkable consensus that future outcomes are discounted (or undervalued) relative to immediate outcomes. In this paper, we (a) review some of the key findings in the literature, (b) critically examine and...