Abstract
Intertemporal choice refers to people’s weighing the costs and benefits at different time points, and then making choices. Because outcomes in such decisions are separated by time, the perception of time should play an important role. Based on previous studies, this paper introduces the influence of time perception differences caused by different time representations, different results and individual differences on intertemporal preference, and explains the causes by perceived-time-based model. In addition, it also introduces the influence of time frame effect, reward and punishment effect, money management guidance, emotion, attention, memory and other cognitive mechanisms on time perception to help people make more rational decisions in the field of Intertemporal choice. In the future, the research direction can be explored from other dimensions of time perception to explore the impact of intertemporal preference and its physiological mechanism.
Highlights
Intertemporal choice refers to people’s weighing the costs and benefits at different time points, and making judgments and choices (Frederick, Loewenstein, & O’Donoghue, 2002)
This paper introduces the influence of time perception differences caused by different time representations, different results and individual differences on intertemporal preference, and explains the causes by perceived-time-based model
In addition to the difference of time cognition caused by the way of time representation, individual age, personality traits will have an impact on time perception and affect intertemporal preference
Summary
Intertemporal choice refers to people’s weighing the costs and benefits at different time points, and making judgments and choices (Frederick, Loewenstein, & O’Donoghue, 2002). Intertemporal choice has been one of the research hotspots in behavioral decision-making and related fields for nearly two decades. Most of these studies study the change of subjective value with time from the perspective of value, and ignore the effect of delay time perception on subjective value. Since intertemporal choice is a decision made by considering the two dimensions of time and value, the influence of people’s subjective time cognition on intertemporal choice cannot be ignored. Some scholars began to turn their interest to a series of effects on intertemporal choice in the process of human’s subjective time perception. This paper reviews the previous research, summarizes the influence of time perception on intertemporal preferences, explores the interpretation mechanism of the influence of time perception on intertemporal preferences, and on this basis, discusses the current application of time perception in the field of intertemporal choice and the direction worthy of attention in future research
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