Discounting Pleasure? Lay Intuitions About the Value of Deferred Hedonic Experience

Elaine Chan, Hong Kong University of Science and Technology, Hong Kong
Anirban Mukhopadhyay, University of Michigan
This research explores the role of discounting as a lay belief that people use to evaluate consumption at different temporal distances. We find that people have an intuition that money in the future is worth less than money in the present, and they apply this intuition uniformly when evaluating future hedonic experiences in terms of monetary value. However, they are less likely to hold such intuitions for relatively unquantifiable measures of value, such as rated enjoyment. Hence future hedonic experiences are not discounted as systematically depending on how the consumption is temporally framed (i.e. consider the immediate or delayed consumption first).
[ to cite ]:
Elaine Chan and Anirban Mukhopadhyay (2008) ,"Discounting Pleasure? Lay Intuitions About the Value of Deferred Hedonic Experience", in NA - Advances in Consumer Research Volume 35, eds. Angela Y. Lee and Dilip Soman, Duluth, MN : Association for Consumer Research, Pages: 931-932.