Risky financial choices in a gain and loss decision frame – the role of chronic and situationally induced time perspectives

Abstract

The aim of the research was to explore the relationship between people’s Time Perspectives (TPs) (chronic and induced) and their propensity to take financial risks in gambling tasks with a gain and loss decision frame. The results of the study 1 (N1 = 1093) revealed that a higher chronic Present Hedonistic TP is related to a preference for unsure options in loss and gain frames, while a higher chronic Past Negative TP is related to a preference for sure options in a gain frame of financial choice, but for unsure options in a loss frame. Moreover, higher chronic Future TP is related to unsure option preference in a loss decision frame. The results of the study 2 (N2 = 563) showed that the induced Past Negative TP (in a gain frame) and Present Hedonistic TP (in both decision frames) lead to similar patterns of results to those observed for the chronic TPs.