Preferences for Deferred Losses

Abstract The question of whether aversive outcomes are generally preferred at sooner or at later times in the future is examined. Theories predicting choices of advanced and deferred aversive outcomes are summarized. A previous result suggesting overwhelming preference for more immediate aversive outcomes is challenged on the basis of problems endemic to experimental studies of decision making. An experiment that attempted to circumvent those problems is described. Subjects chose between sums of money that could be lost at various times in the future. The subjects were evenly divided in their preferences for advanced and deferred losses. Subjects in a control condition duplicated the results of the previous experiment that had demonstrated the predominance of preferences for advanced aversive outcomes. The implications of the conclusions for a representation of choice over deferred outcomes are discussed.

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