Waiting to Choose: The Role of Deliberation in Intertemporal Choice
Michael A. Kuhn
- American Economic Journal: Microeconomics (Forthcoming)
We study the impact of deliberation on intertemporal choices.
Using multiple experiments, including a field study in the Democratic Republic of Congo, we show that the introduction of waiting periods—a policy that temporally separate information about
choices from choices themselves—cause substantially less myopic
decisions. These results cannot be captured by models of exponential discounting nor present bias. Comparing the effects of waiting
periods to making planned choices over future time periods, the former has a larger impact on reducing myopia. Our results highlight
the role of deliberation in decision-making and have implications
for policy and intervention design.
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