Extended present bias: a direct experimental test

Robin Chark, Soo Hong Chew, Songfa Zhong

Research output: Contribution to journalArticlepeer-review


This study experimentally tests our proposed extended present bias hypothesis—discount factor increases over the proximate future and eventually approaches constancy, but remains distinct from unity in the remote future. Using front-end delay and a post-dated check for payment, discount factors are elicited for three seven-day durations: between 2 and 9 days later (proximate), between 31 and 38 days later (intermediate), and between 301 versus 308 days later (remote). We find support for diminishing discounting between the proximate and intermediate comparisons, but not between the intermediate and the remote comparisons. The findings validate our extended present bias hypothesis.

Original languageEnglish (US)
Pages (from-to)151-165
Number of pages15
JournalTheory and Decision
Issue number1
StatePublished - Jul 25 2015


  • Experimental economics
  • Hyperbolic discounting
  • Present bias
  • Time consistency

ASJC Scopus subject areas

  • General Decision Sciences
  • Developmental and Educational Psychology
  • Arts and Humanities (miscellaneous)
  • Applied Psychology
  • General Social Sciences
  • Economics, Econometrics and Finance(all)
  • Computer Science Applications


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