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The effect of acute pain on risky and intertemporal choice

Author

Listed:
  • Lina Koppel

    (Linköping University
    Linköping University)

  • David Andersson

    (Linköping University
    Linköping University)

  • India Morrison

    (Linköping University)

  • Kinga Posadzy

    (Linköping University)

  • Daniel Västfjäll

    (Linköping University
    Linköping University
    Linköping University
    Decision Research)

  • Gustav Tinghög

    (Linköping University
    Linköping University
    Linköping University)

Abstract

Pain is a highly salient and attention-demanding experience that motivates people to act. We investigated the effect of pain on decision making by delivering acute thermal pain to participants’ forearm while they made risky and intertemporal choices involving money. Participants (n = 107) were more risk seeking under pain than in a no-pain control condition when decisions involved gains but not when they involved equivalent losses. Pain also resulted in greater preference for immediate (smaller) over future (larger) monetary rewards. We interpret these results as a motivation to offset the aversive, pain-induced state, where monetary rewards become more appealing under pain than under no pain and when delivered sooner rather than later. Our findings add to the long-standing debate regarding the role of intuition and reflection in decision making.

Suggested Citation

  • Lina Koppel & David Andersson & India Morrison & Kinga Posadzy & Daniel Västfjäll & Gustav Tinghög, 2017. "The effect of acute pain on risky and intertemporal choice," Experimental Economics, Springer;Economic Science Association, vol. 20(4), pages 878-893, December.
    • Handle: RePEc:kap:expeco:v:20:y:2017:i:4:d:10.1007_s10683-017-9515-6
    DOI: 10.1007/s10683-017-9515-6
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    Cited by:

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    More about this item

    Keywords

    Pain; Decision making; Dual-process theory; Risk; Intertemporal choice;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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