Social Influences on Similarity Judgments and Intertemporal Choice

Abstract

Discounting models are commonly applied to understand intertemporal choices. Similarity models provide an alternative, attribute-based approach where people compare the similarity of reward amounts and time delays for options and decide based on dissimilarity. Knowledge of other people’s similarity judgments may affect an individual’s similarity judgments, which can in turn affect subsequent intertemporal choices. We investigated the potential effects of social influence across three studies by having participants make similarity judgments and intertemporal choices before and after viewing other people’s similarity judgments. We found that participants preferred larger but delayed intertemporal choice options more after they viewed similarity judgments that suggested a preference for larger, later rewards. Additionally, this change in preference seemed to result from a shift in participants’ personal similarity judgments for reward amount and time delay pairs to match the social information. Our findings suggest that social information about similarity judgments can shape intertemporal choices, which can potentially be used to help increase people’s preferences for options that benefit them in the long term.