Splashing out or saving for a big holiday? Relaxing on the couch or working out? Polishing off a whole bar of chocolate or leaving some for later?
Decisions such as these are not easy to make because the urge for immediate gratification has to take a back seat to a longer-term desire. People's behavior is highly individual here, and there also appear to be differences between cultures.
To better understand these types of decisions, psychologists from the University of Bonn are working with researchers in 77 countries to conduct an unusually large online study: around 15,000 people are set to be surveyed.
"Save for a rainy day!" Who hasn't ever been irritated by this admittedly sensible but rather fun-sapping saying? Whenever we weigh up short-term and long-term consequences against each other, we are making what are known as intertemporal choices.
"They shape our everyday lives," says study coordinator Dr. Kristof Keidel from the Department of Psychology at the University of Bonn. The tendency towards immediate consumption has even been immortalized in a well-known rock anthem about wanting it all right now. In many cases, however, greater advantages only become apparent after a longer period of time. Intertemporal choices, and the sacrifice that accompanies them, are a basis for major purchases, health, and sustainability.
"There are no right or wrong decisions here," stresses Keidel. "It is solely about personal preferences, which are naturally also influenced by the situation." When resources are limited, it can even be better to choose the smaller reward straight away, because it is not clear whether there will be anything left tomorrow. Moreover, such decisions often also depend on the person's mood: those seeking comfort are more likely to opt for immediate consumption than those who take an optimistic view of the future.
However, aside from individual preferences, findings from previous studies indicate that intertemporal decision-making behavior can also differ between countries. "We want to find out what makes us humans tick and how we can help ensure decisions can be made as well as possible," says Keidel. The researchers would thus like to expand the pool of respondents as far as possible and cover different cultural backgrounds within the study.
The study focuses on decisions concerning money. "They are particularly easy to compare and quantify," Keidel explains. The results allow conclusions to be drawn on how people in different countries assess future monetary rewards and what effects this has.
"This project is one of the largest ever studies into intertemporal choice, in terms of both the sample size and the number of countries," says Prof. Dr. Ulrich Ettinger, who coordinates the study together with Dr. Kristof Keidel. More than 100 researchers are collaborating in this project and coordinating the survey in 77 different countries. The study is not financed using third-party funding, but funded by the research groups involved. The results are set to be published in a scientific journal and made freely available to the public.