We examined self-other differences in an intertemporal choice context, investigating whether choices vary according to different types of regulatory focus. In Study 1, the role of chronic regulatory focus on self-other intertemporal choice was investigated. In Study 2, we designed a causal chain of studies (Study 2a and 2b) to further examine the role of situational regulatory focus in the context of self-other intertemporal choice. Overall, we found a self-other difference for intertemporal choice: individuals who make choices for themselves or for an intimate friend prefer later and larger (LL) rewards than those making choices for a complete stranger, thus demonstrating a ‘decision maker role effect’. Secondly, regardless of chronic or induced regulatory focus, participants with a promotion focus preferred more immediate rewards, while participants with a prevention focus preferred deferred rewards. The self-other difference in intertemporal choice was manifested differently for those holding a chronic promotion focus versus those holding a chronic prevention focus; situationally induced regulatory focus, on the other hand, was found to play a mediating role in self-other intertemporal choice.

Introduction

Imagine being offered a choice between two monetary rewards: one option involves $10 being awarded right away, while the other provides $15 after one week. Which option would you choose? In our daily life, we are continuously confronted with choices that involve trade-offs between costs and delayed payoffs. Should you spend the money you make immediately or deposit it and spend it later? Should you take that job now, or spend more time in education in order to have a chance at a better job later on? This kind of decision making is known as intertemporal choice (Loewenstein, Read, & Baumeister, 2004). Given that intertemporal choice is so widespread, it has received significant attention across the fields of psychology, neuroscience and economics. A fundamental discovery is that individuals put larger value on sooner and smaller (SS) options than later and larger (LL) options, an effect known as the “time discount phenomenon”, or “Immediacy Effects” (Frederick, Loewenstein, & O’donoghue, 2002; Wang, Hao, Hu, & Shi, 2017). Just as in the opening example, most people will prefer to get $10 right now than obtaining $15 in one week. That is to say, most people prefer the SS option over the LL option. However, this tendency can reverse in some situations. For example, when two rewards are both far away in time, decision makers act relatively patiently, choosing the LL option. It is only when both rewards are brought forward in time that these preferences exhibit a reversal, reflecting greater impatience (Angeletos, Laibson, Repetto, Tobacman, & Weinberg, 2001). This is known as a Dynamic Inconsistency Effect.