The delay-reward heuristic: What do people expect in intertemporal choice tasks?

Recent research has shown that risk and reward are positively correlated in many environments, and that people have internalized this association as a "risk-reward heuristic": when making choices based on incomplete information, people infer probabilities from payoffs and vice-versa, and these inferences shape their decisions. We extend this work by examining people's expectations about another fundamental trade-off-that between monetary reward and delay. In 2 experiments (total N = 670), we adapted a paradigm previously used to demonstrate the risk-reward heuristic.