The Effect Of Elicitation, Gain-loss Frames And Time Description On Intertemporal Choice

Each person makes many decisions every day. It exists in every where, like buy things or future planning. We gradually understand the decision-making is not just the decision-making on current events, but also on future events decision-makings. The vast majority of decision-makings involve tradeoff such as:choice between smaller and sooner (SS) and larger and later (LL) options, which somebody chooses between two different options in the future, we call it Intertemporal Choice. Many previous literatures have shown that compared with earlier results, the later results are underestimated (Time Discounting), and in different scenarios that people have different time preferences.Previous studies in intertemporal choice more focus on time preference research, and also its causes and time preference rate increases with time and other factors etc. For example, the discounted utility model (DU), hyperbolic discounting model or other theories, and also anticipation, self-control play an important role in the intertemporal choice especially in the psychological factors studied. At the same time, the researchers also found a lot of interesting framing effects, such as Sign Effects, that under different gain and loss scenarios the discounting rate are different; Magnitude Effects, that the size of the money will affect the discounting rate and so on.Daniel Read and other researchers have proposed an anomalous intertemporal choice, the Date/Delay Effect, when compared with the date (example:March 5th), using a delayed (example:6 months) kind of time description the value will be more underestimated. And the effect is neglected by our researchers when they design the experiments. Daniel Read's study is limited in gain scenarios, while many previous studies have shown that gain and loss frames will influence decision-making. Based on previous studies, this article will do more studies on the effect of loss scenarios on intertemporal choice.In this paper, I would also like to study the effect of under the two major elicitation modes (match mode and choice mode), the gain-loss frames and time description on intertemporal choice. The main conclusions are:1)In the gain scenarios, the frequency of LL choose by subjects are significantly different on Date and Delay time description.2)In the loss scenarios and choice mode, the frequency of LL choose by subjects are significantly different on Date and Month time description, but the Week was not significant. Neither in the match mode.3) In different elicitation mode, the frequency of LL choose by subjects are significantly different on Date and Delay time description., but between Month and Week are not significant.4)The interaction of elicitation, gain-loss frames and time description on intertemporal choice.