We study the role of heuristic versus deliberative processing in intertemporal choice. Using studies in the Democratic Republic of Congo and an online labor market, we show that waiting periods - designed to prompt deliberation by temporally separating news about choice sets from choices...

Healthy food choices are a canonical example used to illustrate the importance of time preferences in behavioral economics. However, the literature lacks a direct demonstration that they are well-predicted by incentivized time preference measures. We offer direct evidence by combining a novel,...

Recent developments in economic theory model intertemporal choice decisions as problems of restraining one’s natural impulse to consume today. We use interventions that have been shown in the psychology literature to affect impulse control to examine whether this is indeed the case for...

Using a novel representative sample of digital payment data, we observe a robust U-shaped relationship between individual investors’ monthly entertainment-related consumption and stock market returns in the previous month. Contrary to the prediction of the wealth effect, individuals increase...

The theory of mental accounting is often used to understand how people evaluate multiple outcomes or events. However, a model predicting which outcomes are associated with the same mental account and evaluated jointly, versus different accounts and evaluated separately, has remained elusive. We...