Are Impulsive Decisions Always Irrational? An Experimental Investigation of Impulsive Decisions in the Domains of Gains and Losses

Journal article

Heilman, R.M., Kusev, P., Miclea, M., Teal, J., Martin, R., Passanisi, A. and Pace, U. (2021). Are Impulsive Decisions Always Irrational? An Experimental Investigation of Impulsive Decisions in the Domains of Gains and Losses. International Journal of Environmental Research and Public Health. 18 (16), p. 8518. https://doi.org/10.3390/ijerph18168518
AuthorsHeilman, R.M., Kusev, P., Miclea, M., Teal, J., Martin, R., Passanisi, A. and Pace, U.
Abstract

Intertemporal choices are very prevalent in daily life, ranging from simple, mundane decisions to highly consequential decisions. In this context, thinking about the future and making sound decisions are crucial to promoting mental and physical health, as well as a financially sustainable lifestyle. In the present study, we set out to investigate some of the possible underlying mechanisms, such as cognitive factors and emotional states, that promote future-oriented decisions. In a cross-sectional experimental study, we used a gain and a loss version of an intertemporal monetary choices task. Our main behavioural result indicated that people are substantially more impulsive over smaller and sooner monetary losses compared to equivalent gains. In addition, for both decisional domains, significant individual difference predictors emerged, indicating that intertemporal choices are sensitive to the affective and cognitive parameters. By focusing on the cognitive and emotional individual factors that influence impulsive decisions, our study could constitute a building block for successful future intervention programs targeted at mental and physical health issues, including gambling behaviour

Year2021
JournalInternational Journal of Environmental Research and Public Health
Journal citation18 (16), p. 8518
PublisherMDPI
ISSN1660-4601
Digital Object Identifier (DOI)https://doi.org/10.3390/ijerph18168518
Web address (URL)https://doi.org/10.3390/ijerph18168518
Publication dates
Online12 Aug 2021
Publication process dates
Accepted09 Aug 2021
Deposited17 Aug 2022
Publisher's version
License
File Access Level
Open
Permalink -

https://openresearch.lsbu.ac.uk/item/91q91

Download files

Publisher's version
ijerph-18-08518.pdf
License: CC BY 4.0
File access level: Open

  • 103
    total views
  • 60
    total downloads
  • 1
    views this month
  • 1
    downloads this month

Export as

Related outputs

Participants’ Utilitarian Choice Is Influenced by Gamble Presentation and Age
Teal, J., Kusev, P., Vukadinova, S., Martin, R. and Heilman, R. (2024). Participants’ Utilitarian Choice Is Influenced by Gamble Presentation and Age. Behavioral Sciences. 14 (7), p. 536. https://doi.org/10.3390/bs14070536
The Effects of Activating Gender-Related Social Roles on Financial Risk-Taking
Sekścińska, K., Jaworska, D., Rudzinska-Wojciechowska, J. and Kusev, P. (2023). The Effects of Activating Gender-Related Social Roles on Financial Risk-Taking. Experimental Psychology. 70 (1). https://doi.org/10.1027/1618-3169/a000576
How Perceived Privacy Risk Determines People’s Willingness to Use Online Fashion Technologies
Teal, J., Kusev, P., Peebles, D., Vukadinova, S., Buontempo, M., Martin, R. and Ngo, B.T (2022). How Perceived Privacy Risk Determines People’s Willingness to Use Online Fashion Technologies. 63rd annual meeting of the Psychonomic Society. USA 17 - 20 Nov 2022
How false feedback influences decision‐makers' risk preferences
Kusev, P., van Schaik, P., Teal, J., Martin, R., Hall, L. and Johansson, P. (2022). How false feedback influences decision‐makers' risk preferences. Journal of Behavioral Decision Making. https://doi.org/10.1002/bdm.2278
Gambling Disorders Among Young Women Regular Gamblers: The Unique and Common Contribution of Executive Thinking Style and Mindfulness
Pace, U., Kusev, P., D'Urso, G., Ruggieri, S. and Passanisi, A. (2022). Gambling Disorders Among Young Women Regular Gamblers: The Unique and Common Contribution of Executive Thinking Style and Mindfulness. Journal of Gambling Studies. 38, pp. 833-841. https://doi.org/10.1007/s10899-021-10062-x
How decision-makers’ sense and state of power induce propensity to take financial risks
Sekścińska, K., Rudzinska-Wojciechowska, J. and Kusev, P. (2022). How decision-makers’ sense and state of power induce propensity to take financial risks. Journal of Economic Psychology. 89, p. 102474. https://doi.org/10.1016/j.joep.2021.102474
The First Attribute Heuristic in Risky Decision-Making.
Teal, J. and Kusev, P. (2021). The First Attribute Heuristic in Risky Decision-Making. 62nd Annual Meeting of the Psychonomic Society. Virtual Conference 04 - 07 Nov 2021
Problem Gambling ‘Fuelled on the Fly’
Teal, J., Kusev, P., Heilman, R., Martin, R., Passanisi, A. and Pace, U. (2021). Problem Gambling ‘Fuelled on the Fly’. International Journal of Environmental Research and Public Health. 18 (16), p. 8607. https://doi.org/10.3390/ijerph18168607
Save the Best for First: First Attribute Heuristic in Consumer Choice
Teal, J. and Kusev, P. (2021). Save the Best for First: First Attribute Heuristic in Consumer Choice. 62nd Annual Meeting of the Psychonomic Society. USA 04 - 07 Nov 2021
Moral Decision Making: From Bentham to Veil of Ignorance via Perspective Taking Accessibility
Martin, R., Kusev, P., Teal, J., Baranova, V. and Rigal, B. (2021). Moral Decision Making: From Bentham to Veil of Ignorance via Perspective Taking Accessibility. Behavioral Sciences. 11 (5), p. 66. https://doi.org/10.3390/bs11050066
Autonomous vehicles: How perspective-taking accessibility alters moral judgments and consumer purchasing behavior
Martin, R., Kusev P. and van Schaik, P. (2021). Autonomous vehicles: How perspective-taking accessibility alters moral judgments and consumer purchasing behavior. Cognition. 212, p. 104666. https://doi.org/10.1016/j.cognition.2021.104666
How perspective-taking accessibility eliminates the moral hypocrisy between people’s moral judgments and moral behavior.
Martin, R., Kusev, P. and van Schaik, P. (2020). How perspective-taking accessibility eliminates the moral hypocrisy between people’s moral judgments and moral behavior. 61st Annual Meeting of the Psychonomic Society. Virtual Meeting 19 - 21 Nov 2020
Are Personal Values Associated with Social Decisions? The Role of Self-Transcendence in Promoting Prosocial Outcomes
Heilman, R. and Kusev, P. (2020). Are Personal Values Associated with Social Decisions? The Role of Self-Transcendence in Promoting Prosocial Outcomes. 61st Annual Meeting of the Psychonomic Society. Virtual Meeting 19 - 21 Nov 2020
How Decision-Making Monetary Desirability Influences Risk Preferences.
Teal, J. and Kusev, P. (2020). How Decision-Making Monetary Desirability Influences Risk Preferences. 61st Annual Meeting of the Psychonomic Society. Virtual Meeting 19 - 21 Nov 2020
Perspective-Taking Accessibility (and Not the Type of Psychological Processing) Informs People’s Utilitarian Moral Judgments
Martin, R. and Kusev, P. (2020). Perspective-Taking Accessibility (and Not the Type of Psychological Processing) Informs People’s Utilitarian Moral Judgments. 61st Annual Meeting of the Psychonomic Society. Virtual Meeting 19 - 21 Nov 2020
Preference reversals during risk elicitation.
Kusev, P., van Schaik, P., Martin, R., Hall, L. and Johansson, P. (2020). Preference reversals during risk elicitation. Journal of Experimental Psychology: General. 149 (3), pp. 585-589. https://doi.org/10.1037/xge0000655
Personal Values Associated with Prosocial Decisions
Heilman, R.M. and Kusev, P. (2020). Personal Values Associated with Prosocial Decisions. Behavioral Sciences. 10 (4), p. 77. https://doi.org/10.3390/bs10040077
Choice under risk: How occupation influences preferences
Hill, T., Kusev, P. and van Schaik, P. (2019). Choice under risk: How occupation influences preferences. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2019.02003
Flexible emotion regulation: How situational demands and individual differences influence the effectiveness of regulatory strategies
Kobylińska, D. and Kusev, P. (2019). Flexible emotion regulation: How situational demands and individual differences influence the effectiveness of regulatory strategies. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2019.00072
From gloom to doom: Financial loss and negative affect prime risk averse preferences
Aldrovandi, S., Kusev, P., Hill, T. and Vlaev, I. (2019). From gloom to doom: Financial loss and negative affect prime risk averse preferences. Current Psychology. 40, pp. 5851-5862. https://doi.org/10.1007/s12144-019-00507-3
The use of information in online healthcare provider choice
van Schaik, P., Thornhill, E., Davies, M., Flynn, D. and Kusev, P. (2019). The use of information in online healthcare provider choice. International Journal of Human Computer Studies. 128, pp. 41-60. https://doi.org/10.1016/j.ijhcs.2019.01.005
Autonomous Self-Driving Cars: How Enhanced Utilitarian Accessibility Alters Consumer Purchase Intentions
Martin, R., Kusev, P. and van Schaik, P. (2018). Autonomous Self-Driving Cars: How Enhanced Utilitarian Accessibility Alters Consumer Purchase Intentions. 59th Annual Meeting of the Psychonomic Society. New Orleans, Louisiana, United States 15 - 18 Nov 2018
Psychological Engagement in Choice and Judgment Under Risk and Uncertainty.
Buontempo, M., Kusev, P., Baranova, V. and Heilman, R. (2018). Psychological Engagement in Choice and Judgment Under Risk and Uncertainty. 59th Annual Meeting of the Psychonomic Society. New Orleans, Louisiana, United States 15 - 18 Nov 2018
How Contextual Similarity And Presence Influence The Detection Rates In A Choice Blindness Task
Tcypysheva, E. and Kusev, P. (2018). How Contextual Similarity And Presence Influence The Detection Rates In A Choice Blindness Task. 3rd International Conference of the Psychonomic Society. Amsterdam, Netherlands 10 - 12 May 2018
Learning Non-Utilitarian Moral Rules: Preference Reversals in Utilitarian Choice
Martin, R., Kusev, P. and van Schaik, P. (2018). Learning Non-Utilitarian Moral Rules: Preference Reversals in Utilitarian Choice. 3rd International Conference of the Psychonomic Society. Amsterdam, The Netherlands 10 - 12 May 2018
Adaptive Anchoring Model: How Static and Dynamic Presentations of Time Series Influence Judgments and Predictions
Kusev, P., van Schaik, P., Tsaneva-Atanasova, K., Juliusson, A. and Chater, N. (2018). Adaptive Anchoring Model: How Static and Dynamic Presentations of Time Series Influence Judgments and Predictions. Cognitive Science. 42 (1), pp. 77-102. https://doi.org/10.1111/cogs.12476
Security and privacy in online social networking: Risk perceptions and precautionary behaviour
van Schaik, P., Jansen, J., Onibokun, J., Camp, J. and Kusev, P. (2018). Security and privacy in online social networking: Risk perceptions and precautionary behaviour. Computers in Human Behavior. 78, pp. 283-297. https://doi.org/10.1016/j.chb.2017.10.007
Learning to Choose: Associative Learning and Preference Formation in Risky Choice
Kusev, P., van Schaik, P. and Love, B. (2017). Learning to Choose: Associative Learning and Preference Formation in Risky Choice. 58th Annual Meeting of the Psychonomic Society. Vancouver Canada 09 - 12 Nov 2017
Risk perceptions of cyber-security and precautionary behaviour
van Schaik, P., Jeske, D., Onibokun, J., Coventry, L., Jansen, J. and Kusev, P. (2017). Risk perceptions of cyber-security and precautionary behaviour. Computers in Human Behavior. 75, pp. 547-559. https://doi.org/10.1016/j.chb.2017.05.038
Commentary: The social dilemma of autonomous vehicles
Martin, R., Kusev, I., Cooke, A.J., Baranova, V., Van Schaik, P. and Kusev, P. (2017). Commentary: The social dilemma of autonomous vehicles. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2017.00808
Understanding risky behavior: The influence of cognitive, emotional and hormonal factors on decision-making under risk
Kusev, P., Purser, H., Heilman, R., Cooke, A.J., Van Schaik, P., Baranova, V., Martin, R. and Ayton, P. (2017). Understanding risky behavior: The influence of cognitive, emotional and hormonal factors on decision-making under risk. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2017.00102
Context Moderates Priming Effects on Financial Risk Taking
Aldrovandi, S., Kusev, P., Hill, T. and Vlaev, I. (2017). Context Moderates Priming Effects on Financial Risk Taking. Risks. 5 (1), p. 18. https://doi.org/10.3390/risks5010018
The gender pay gap: Can behavioral economics provide useful insights?
Heilman, R.M. and Kusev, P. (2017). The gender pay gap: Can behavioral economics provide useful insights? Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2017.00095
The Influence of Associative Learning on Moral Decision-Making
Martin, R. and Kusev, P. (2016). The Influence of Associative Learning on Moral Decision-Making. 58th Annual Meeting of the Psychonomic Society. Vancouver Canada 09 - 12 Nov 2017
The Influence of Decision Content Comparability on Gain Loss Asymmetry
Cooke, A and Kusev, P. (2016). The Influence of Decision Content Comparability on Gain Loss Asymmetry. 57th Annual Meeting of the Psychonomic Society. Boston, Massachusetts 17 - 20 Nov 2016
How Uncertainty and Moral Utilitarian Ratios Predict Rationality
Martin, R. and Kusev, P. (2016). How Uncertainty and Moral Utilitarian Ratios Predict Rationality. 57th Annual Meeting of the Psychonomic Society. Boston, Massachusetts 17 - 20 Nov 2016
Moral Decision-Making: How Utilitarian Similarity, Content, and Psychological Ownership Influence Moral Rationality.
Kusev, P., van Schaik, P. and Baranova, V. (2016). Moral Decision-Making: How Utilitarian Similarity, Content, and Psychological Ownership Influence Moral Rationality. 57th Annual Meeting of the Psychonomic Society. Boston, Massachusetts 17 - 20 Nov 2016
The Influence of Decision Context and Comparability on Judgements of Gain and Loss
Cooke, A. and Kusev, P. (2016). The Influence of Decision Context and Comparability on Judgements of Gain and Loss. 57th Annual Meeting of the Psychonomic Society. Boston, Massachusetts 17 - 20 Nov 2016
Judging the morality of utilitarian actions: How poor utilitarian accessibility makes judges irrational
Kusev, P., van Schaik, P., Alzahrani, S., Lonigro, S. and Purser, H. (2016). Judging the morality of utilitarian actions: How poor utilitarian accessibility makes judges irrational. Psychonomic Bulletin and Review. 23, pp. 1961-1967. https://doi.org/10.3758/s13423-016-1029-2
Decision Context, Associative Learning and Preference Formation in Risky Choic
Kusev, P. and Love, B. (2015). Decision Context, Associative Learning and Preference Formation in Risky Choic. 49th Annual Meeting of the Psychonomic Society. Chicago, Illinois, United States 19 - 21 Nov 2015
Retrospective evaluations of sequences: Testing the predictions of a memory-based analysis
Aldrovandi, S., Poirier, M., Kusev, P. and Ayton, P. (2015). Retrospective evaluations of sequences: Testing the predictions of a memory-based analysis. Experimental Psychology. 62 (5). https://doi.org/10.1027/1618-3169/a000301
Decision Complexity and Consistency in Choice Under Risk
Zaporozhets, T. and Kusev, P. (2013). Decision Complexity and Consistency in Choice Under Risk. 54th Annual Meeting of the Psychonomic Society. Toronto, Canada 14 - 17 Nov 2013
Immediate Emotional States as Predictors of Risk Preferences
Heilman, R. and Kusev, P. (2013). Immediate Emotional States as Predictors of Risk Preferences. 54th Annual Meeting of the Psychonomic Society. Toronto, Canada 14 - 17 Nov 2013
Decision Network Context: Dynamics and Learning in Preference Formation
Kusev, P., Love, B. and van Schaik, P. (2013). Decision Network Context: Dynamics and Learning in Preference Formation. 54th Annual Meeting of the Psychonomic Society. Toronto, Canada 14 - 17 Nov 2013
Moral Judgements Under Uncertainty
Kusev, P., Alzahrani, S. and van Schaik, P. (2013). Moral Judgements Under Uncertainty. 54th Annual Meeting of the Psychonomic Society. Toronto, Canada 14 - 17 Nov 2013
The cognitive economy: The probabilistic turn in psychology and human cognition
Kusev, P. and Van Schaik, P. (2013). The cognitive economy: The probabilistic turn in psychology and human cognition. Behavioral and Brain Sciences. 36 (3), pp. 294-295. https://doi.org/10.1017/s0140525x12003019
Modeling judgment of sequentially presented categories using weighting and sampling without replacement
Kusev, P., Tsaneva-Atanasova, K., van Schaik, P. and Chater, N. (2012). Modeling judgment of sequentially presented categories using weighting and sampling without replacement. Behavior Research Methods. 44, pp. 1129-1134. https://doi.org/10.3758/s13428-012-0218-9
Preferences induced by accessibility: Evidence from priming
Kusev, P., van Schaik, P. and Aldrovandi, S. (2012). Preferences induced by accessibility: Evidence from priming. Journal of Neuroscience, Psychology, and Economics. 5 (4), pp. 250-258. https://doi.org/10.1037/a0030289
Judging From Experience: Experienced Sequences are Predicted Better than Described Sequences
Kusev, P., van Schaik, P., Asgeir, J. and Kiley, Y. (2011). Judging From Experience: Experienced Sequences are Predicted Better than Described Sequences. 52nd Annual Meeting of the Psychonomic Society. Seattle, Washington, United States 03 - 06 Nov 2011
Relative theory of choice: preference change for risky choices
Kusev, P., Johansson, P., van Schaik, P., Ayton, P. and Chater, N. (2011). Relative theory of choice: preference change for risky choices. 23rd Bi-Annual Conference on Subjective Probability, Utility and Decision Making. Kingston, United Kingdom 21 - 25 Aug 2011
Now I like it, now I don’t
Aldrovandi, S., Poirier, M., Kusev, P., Heussen, D. and Ayton, P. (2011). Now I like it, now I don’t. Proceedings of the Annual Meeting of the Cognitive Science Society. 01 Jan 2009
Judgments Relative to Patterns: How Temporal Sequence Patterns Affect Judgments and Memory
Kusev, P., Ayton, P., van Schaik, P., Tsaneva-Atanasova, K., Stewart, N. and Chater, N. (2011). Judgments Relative to Patterns: How Temporal Sequence Patterns Affect Judgments and Memory. Journal of Experimental Psychology: Human Perception and Performance. 37 (6), pp. 1874-1886. https://doi.org/10.1037/a0025589
Preferences under risk: Content-dependent behavior and psychological processing
Kusev, P. and van Schaik, P. (2011). Preferences under risk: Content-dependent behavior and psychological processing. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2011.00269
Human Preferences and Risky Choices
van Shaik, P., Kusev, P. and Juliusson, A. (2011). Human Preferences and Risky Choices. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2011.00333
Domain effects and financial risk attitudes
Vlaev, I., Kusev, P., Stewart, N., Aldrovandi, S. and Chater, N. (2010). Domain effects and financial risk attitudes. Risk Analysis. 30 (9), pp. 1374-1386. https://doi.org/10.1111/j.1539-6924.2010.01433.x
Preference reversal: Memory and contextual biases with choice
Kusev, P., Johansson, P., van Schaik, P. and Heussen, D. (2009). Preference reversal: Memory and contextual biases with choice. 50th Annual Meeting of the Psychonomic Society. Boston, Massachusetts, United States 19 - 20 Nov 2009
Judgments relative to patterns
Kusev, P., Ayton, P., van Schaik, P. and Stewart, N. (2009). Judgments relative to patterns. Subjective Probability Utility and Decision Making Conference. Rovereto, Italy 23 Aug 2009
Choice and human preferences: How accessibility, context and simplicity affect decision prospects
Kusev, P., Ayton, P. and van Schaik (2009). Choice and human preferences: How accessibility, context and simplicity affect decision prospects. Annual General Meeting of the Experimental Psychology Society. London, United Kingdom 05 Jan 2009
Explanations of comparative facts
Aldrovandi, S., Hampton, J.A., Heussen, D. and Kusev, P. (2009). Explanations of comparative facts. Proceedings of the Annual Meeting of the Cognitive Science Society. 01 Jan 2009
Exaggerated Risk: Prospect Theory and Probability Weighting in Risky Choice
Kusev, P., van Schaik, P., Ayton, P., Dent, J. and Chater, N. (2009). Exaggerated Risk: Prospect Theory and Probability Weighting in Risky Choice. Journal of Experimental Psychology: Learning Memory and Cognition. 35 (6), pp. 1487-1505. https://doi.org/10.1037/a0017039
Memory-Biased Preferences: How Accessibility Affects Judgments and Decision-Making Prospects
Kusev, P., Ayton, P. and van Schaik, P. (2008). Memory-Biased Preferences: How Accessibility Affects Judgments and Decision-Making Prospects. 49th Annual Meeting of the Psychonomic Society. Chicago, Illinois, United States 13 Nov 2008
Loss Aversion in Contrastive Explanations
Kusev, P., Heussen, D. and Berlandi, P. (2008). Loss Aversion in Contrastive Explanations. 49th Annual Meeting of the Psychonomic Society. Chicago, Illinois, United States 2008 - 2009
The first-run effect: How temporal sequence patterns affect judgments and memory
Kusev, P., Ayton, P., van Schaik, P. and Chater, N. (2007). The first-run effect: How temporal sequence patterns affect judgments and memory. 28th Annual Meeting of the Society for Judgment and Decision Making. Long Beach, California, United States 16 - 19 Nov 2007
Absolute Frequency Identification: How a Sequence of Events can Affect People's Judgements
Kusev, P., van Schaik, P., Ayton, P. and Chater, N. (2007). Absolute Frequency Identification: How a Sequence of Events can Affect People's Judgements. 48th Annual Meeting of the Psychonomic Society. Long Beach, California, United States 15 - 18 Nov 2007
Deciding about Risky Prospects: A Psychological Descriptive Approach
Kusev, P. and van Schaik, P. (2007). Deciding about Risky Prospects: A Psychological Descriptive Approach. in: Psychology of Decision Making in Education, Behavior & High Risk Situations
Taking Precautions is Not the Same as Choosing Gambles: Prospect Theory and the Use of Probability in Risky Choices
Kusev, P., Ayton, P., van Schaik, P. and Chater, N. (2006). Taking Precautions is Not the Same as Choosing Gambles: Prospect Theory and the Use of Probability in Risky Choices. 27th Annual Conference of the Society for Judgment and Decision Making. Houston, Texas 17 - 20 Nov 2006