Intertemporal Choice

Definition 1

Study of the impact of different periods of time in the future on the likelihood of selecting choice alternatives differing in risk, payoff or likelihood of occurrence. In most cases, the likelihood of selecting a positive outcome is higher the sooner it occurs in the future. (See Present Bias.)

Source: Behavioral Science Lab, 2017

Definition 2

Intertemporal choice is an area of research concerned with the relative value people assign to payoffs at different points in time. It generally finds that people are biased towards the present (see present bias) and tend to discount the future (see time discounting).

Behavioral Economics