[link] Prepared to wait? New research challenges the idea that we favour small rewards now over bigger later

Kaj_Sotala

http://bps-research-digest.blogspot.com/2012/07/prepared-to-wait-new-research.html

The old idea that we make decisions like rational agents has given way over the last few decades to a more realistic, psychologically informed picture that recognises the biases and mental short-cuts that sway our thinking. Supposedly one of these is hyperbolic discounting - our tendency to place disproportionate value on immediate rewards, whilst progressively undervaluing distant rewards the further in the future they stand. But not so fast, say Daniel Read at Warwick Business School and his colleagues with a new paper that fails to find any evidence for the phenomenon.

http://bps-research-digest.blogspot.com/2012/07/prepared-to-wait-new-research.html

The old idea that we make decisions like rational agents has given way over the last few decades to a more realistic, psychologically informed picture that recognises the biases and mental short-cuts that sway our thinking. Supposedly one of these is hyperbolic discounting - our tendency to place disproportionate value on immediate rewards, whilst progressively undervaluing distant rewards the further in the future they stand. But not so fast, say Daniel Read at Warwick Business School and his colleagues with a new paper that fails to find any evidence for the phenomenon.

It's definitely a good idea to be skeptical. There is definitely some badly-designed research out there, and some that shows less than it claims to. The best way to deal with that is to read the original papers and make sure the studies were adequately performed, although this doesn't entirely solve the issue (see: publication bias).

The Economist recently had an article about how sitting in wobbly furniture makes people crave "emotional stability." They also mention a study finding that people sitting in chairs that lean to the left reported more liberal opinions.

http://www.economist.com/node/21558553

The difference is not huge, but it is statistically significant. Even a small amount of environmental wobbliness seems to promote a desire for an emotional rock to cling to.

As far as I can tell they are completely serious.

8Cogitus_Maximus14y

It would be really nice if studies had a sort of thoroughness check list at the top of the paper next to the abstract clearly stating sample size, sampling process, number of peer reviewers, study methodology(double-blind, panel etc), and any other relevant information to the papers validity. If some sort of crude standardization could even occur within specific fields it would make cross-study comparison much easier. Or what if papers could be published online in a format inviting public criticism and community concerns would be forced to be answered to by authors.

5VincentYu14y

And even just reading the abstracts is already a huge step forward for epistemic hygiene because science reporting and journalism can be so damn shoddy (besides, I regularly find that the abstracts are easier to read and understand than their popularizations).

11

[link] Prepared to wait? New research challenges the idea that we favour small rewards now over bigger later

11

11

11

[link] Prepared to wait? New research challenges the idea that we favour small rewards now over bigger later

11

11