We study the impact of deliberation on intertemporal choices. Using multiple experiments, including a field study in the Democratic Republic of the Congo, we show that the introduction of waiting periods—a policy that temporally separates information about choices from choices themselves—causes 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.
Imas, Alex, Michael A. Kuhn, and Vera Mironova.
"Waiting to Choose: The Role of Deliberation in Intertemporal Choice."
American Economic Journal: Microeconomics,
Consumer Economics: Empirical Analysis
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
Microeconomic Analyses of Economic Development