Does pain make people short-sighted? The impacts of physical and psychological pains on intertemporal choice

Abstract

We conducted three experiments to investigate the effects of physical and psychological pains on intertemporal choices. In Experiments 1 and 2, physical pain was induced by the self-created Shiatsu sheet treading method (SSTM) and the classical cold pressor task (CPT), respectively. In Experiment 3, psychological pain was induced by the video induction method. All types of pain increased preference for smaller immediate rewards. Theoretical implications and practical implications are discussed.