Time Discounts all Wounds

1. Time Discounts all Wounds M.K. Stevenson Juan Cabrera Raymond Gerardo

2. Previous research has indicated that gains are discounted at different rates than losses when presented alone. Are Gains and Losses discounted differently when presented together as a single stimulus option in a judgment task? How would the discounted “Gains and Losses” compare to Gains presented alone and Losses presented alone in a judgment task?

3. You receive a loan for $1000in 1 mo. • You pay $200 and it is due in 1 year. I-----------------------------I-----------------------------I VERY INDIFFERENT VERY Unattractive Attractive Loans range from $1000 to $5000. Time ranges from 1 mo to 4 years. Interest to Pay ranges from $200 to $800

5. I-----------------------------I-----------------------------II-----------------------------I-----------------------------I VERY INDIFFERENT VERY Unattractive Attractive Loans range from $1000 to $3000. Time ranges from 1 mo to 4 years. You receive a loan for $1000in 6 mos.

6. I-----------------------------I-----------------------------II-----------------------------I-----------------------------I VERY INDIFFERENT VERY Unattractive Attractive Time ranges from 1 mo to 4 years. Interest to Pay ranges from $200 to $500 You must pay $600 and it is due in 6 mos.

7. Model Assumes that gains and losses are additive or averaged. Assumes the delay weights the events.

8. Gains presented alone may have different discount weights than when they are presented with losses.

9. Losses presented alone may have different discount weights than losses presented with gains.

10. Previous Results (2011)

12. Would changing the response scale affect the focus of the response ? “How attractive is the option ?” “How unattractive is this option?”

16. Positive Response Scale

17. Negative Response Scale

18. Are Gains and Losses discounted differently when presented together in a preference task? How do the discounting functions of the combined stimuli compare to gains and losses presented alone?

19. Preference Strength Scale • A B • Receive $ 1000 loan. Receive $ 3000 loan. • for 6 mos For 4 years • Pay $ 200 interest. Pay $ 600 interest. • in 1 year in 6 mos. • I-----------------------------------I----------------------------------I • Prefer A prefer Prefer B Very Much them Very Much More Equally More Time varies from 6 mos to 4 years Loans vary from $1000 to $3000 Interest varies from $200 to $600

20. Design 5 and 6 (Choose A or B. How much better is it? (Choose A or B Which one is worse? )

21. Positive Preference Strength Scale • A B • Receive $ 1000 loan. Receive $ 3000 loan. • for 6 mos For 4 years • I-----------------------------------I----------------------------------I • Prefer A prefer Prefer B Very Much them Very Much More Equally More Time varies from 6 mos to 4 years Loans vary from $1000 to $3000

22. Design 7 & 8 (Choose A or B. How much better is it?) (Choose A or B Which one is worse? )

23. Positive Preference Strength Scale • A B • Pay $ 200 interest. Pay $ 600 interest. • in 1 year in 6 mos. • I-----------------------------------I----------------------------------I • Prefer A prefer Prefer B Very Much them Very Much More Equally More Time varies from 6 mos to 4 years Interest to pay varies from $200 to $600

24. Design 9 & 10 (Choose A or B. How much better is it?) (Choose A or B Which one is worse? )

25. Model

26. Design 5 and 6 (Choose A or B. How much better is it? (Choose A or B Which one is worse? )

27. Design 5 and 6 (Choose A or B. How much better is it? (Choose A or B Which one is worse? )

30. Would changing the response scale affect the focus of the response ? “Which option is better ?” “How much better is it? “Which option is worse?” “How much worse is t?

31. Negative Preference Strength Scale • A B • Receive $ 1000 loan. Receive $ 3000 loan. • for 6 mos For 4 years • Pay $ 200 interest. Pay $ 600 interest. • in 1 year in 6 mos. • I-----------------------------------I----------------------------------I • A is they B is Much are Much Worse Equal Worse Time varies from 6 mos to 4 years Loans vary from $1000 to $3000 Interest varies from $200 to $600

36. Context Are Gains and Losses discounted differently when presented together in a judgment task? Yes, participants can discount gains and losses differently when they are combined. How does the discounted “Gains and Losses” compare to Gains presented alone and Losses presented alone in a judgment task? Losses are weighted higher with or without gains and discounted more steeply in both contexts using a positive scale. With a negative scale, shorter losses are weight higher than delayed gains. Losses are discounted more steeply in both contexts using a negative scale.

37. Are Gains and Losses discounted differently when presented together in a preference task? Discount weights are different for gains and losses presented alone and when presented together. Gains are preferred sooner. Losses are preferred later. Outcome X Time Interactions are reliable. The Sign X Time interaction is significant for single outcomes regardless of the response scale focus for gains and losses presented alone. But the Sign X Time interaction is not reliable for gains and losses presented together for either response scale. There is a focus on Gains when comparing what is better. There is a focus on Losses when comparing which option is worse.