Two comparative models of intertemporal choice have recently been proposed as an alternative to the hyperbolic discounting model. One, the interval discounting model, retains the notion that intertemporal choice is governed by discounting, but proposes that discounting involves direct...

Markowitz hypothesized a fourfold pattern of risk preferences, with risk aversion for large gains and small losses, but risk seeking for small gains and large losses. We test his hypothesis, and obtain two major results. One is the dispersion effect: A majority exhibits risk seeking and risk...

The delay-speedup asymmetry is that a positive outcome is discounted more, and a negative outcome is discounted less, when it is delayed than when it is “sped up” over the same interval. To account for this asymmetry, Loewenstein and Prelec's (1992) hyperbolic discounting model and Scholten...

It is commonly assumed that people make intertemporal choices by ‘discounting' the value of delayed outcomes, assigning discounted values independently to all options, and comparing the discounted values. We identify a class of anomalies to such alternative-based discounting, which...

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...

Markowitz (Journal of Political Economy 60:151–158, <CitationRef CitationID="CR27">1952</CitationRef>) identified a fourfold pattern of risk preferences in outcome magnitude: When outcomes are large, people are risk averse in gains and risk seeking in losses, but risk preferences reverse when the outcomes are small, with people...</citationref>