Intertemporal Choice for Health and Money

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The PI proposes eight studies designed to compare temporal discounting for health and money. In Experiment 1 the PI will test the hypothesis that previous research found different discount rates in the two domains because subjects were unfamiliar with the hypothetical medical scenarios. In this study patients with one disease will be given two scenarios--one pertaining to a medical condition they actually have and one pertaining to an unfamiliar medical condition. Experiment 2 will use real monetary outcomes rather than hypothetical scenarios to investigate participants' financial decisions. In a third experiment the PI will manipulate the extent to which health can be traded for money. The principle being examined here is that different discount rates in the two domains may be due to the fact that in some situations the money cannot readily be traded for health. Experiment 4 investigates whether health and money have different discount rates because savoring or dreading impending health or financial consequences may distort traditional temporal discounting. Experiment 5 examines the potential role of anticipation and regret in temporal discounting. In Experiment 6 the PI will test the hypothesis that health and money have different discount rates because health is considered to be less replaceable than money. In Experiment 7 the PI will compare the discount rates for exercise class members and non-members. The hypothesis is that class members will have a lower discount rate, particularly in the health domain. An attempt will also be made to examine the relation between discount rates and self-reported health behaviors. In Experiment 8 an attempt will be made to alter discount rates by framing a scenario either in terms of a loss or a gain. The primary goal of the research is to evaluate various reasons why decision makers use different discount rates for health and money. A second goal is to examine the relationship between discount rates and various preventive health behaviors. The r esearch has important implications for the formulation of social policy with regard to health outcomes.