Time and risk perceptions mediate the causal impact of objective delay on delay discounting: An experimental examination of the implicit-risk hypothesis

Abstract

Delay discounting refers to the decline in the value of a payoff as the objective delay to its fulfillment increases. Recent research on delay discounting has examined its relationship with time and risk perceptions through correlational studies. Manipulated experiments were conducted in the current research to further investigate the causal links among the relevant variables. Experiment 1 revealed causal influences of objective delay on both risk perception and delay discounting as well as a positive correlation between risk perception and delay discounting. By manipulating risk perception, Experiment 2 demonstrated further a causal impact of risk perception on delay discounting. Experiment 3 manipulated time perception and provided further evidence for causal pathways from time perception to risk perception and delay discounting. Overall, the results verified a causal chain from objective delay to delay discounting through time and risk perceptions in support of the implicit-risk hypothesis regarding delay discounting.