Automatic biases in intertemporal choice

Abstract

Dual process theories of intertemporal decision making propose that decision makers automatically favor immediate rewards. In this paper, we use a drift diffusion model to implement these theories, and empirically investigate the role of their proposed automatic biases. Our model permits automatic biases in the response process, in the form of a shifted starting point, as well as automatic biases in the evaluation process, in the form of an additive drift rate intercept. We fit our model to individual-level choice and response time data, and find that automatic biases (as measured though the starting point and drift rate intercept in our model) are prevalent in intertemporal choice, but that the type, magnitude, and direction of these biases vary greatly across individuals. Our results pose new challenges for theories of intertemporal choice behavior.