Choice Over Time

Title Page, Copyright Page

CHOICE OVER TIME CHOICE OVER TIME • Edited by GEORGE LOEWENSTEIN AND JON ELSTER RUSSELL SAGE FOUNDATION NEW YORK The Russell Sage Foundation The Russell Sage Foundation, one of the oldest of America's general purpose foundations , was established in 1907 by Mrs. Margaret Olivia Sage for "the improvement of social and living conditions in the United States." The Foundation seeks to fulfill this mandate by fostering the development and dissemination of knowledge about the political, social, and economic problems of America. The Board of Trustees is responsible for oversight and the general policies of the Foundation, while administrative direction of the program and staff is vested in the President, assisted by the officers and staff. The President bears final responsibility for the decision to publish a manuscript as a Russell Sage Foundation book. In reaching a judgment on the competence, accuracy, and objectivity of each study, the President is advised by the staff and selected expert readers. The conclusions and interpretations in Russell Sage Foundation publications are those of the authors and not of the Foundation , its Trustees, or its staff. Publication by the Foundation, therefore, does not imply endorsement of the contents of the study. BOARD OF TRUSTEES James G. March, Chair Anne Pitts Carter Joel E. Cohen Philip E. Converse Peggy C. Davis Phoebe C. Ellsworth Howard Raiffa John S. Reed Neil J. Smelser Harold Tanner Marta Tienda Eric Wanner William Julius Wilson Library of Congress Cataloging-in-Publication Data Choice over time/[edited by] George Loewenstein, Jon Elster. p. cm. Includes bibliographical references and index. ISBN 0-87154-558-6 1. Choice (Psychology) 2. Utility theory. 3. Self-control. 4. Time-Psychological aspects. I. Loewenstein, George. II. Elster, Jon, 1940BF611 .C48 1992 153.8'3-dc20 91-42816 CIP Copyright © 1992 by Russell Sage Foundation. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984. RUSSELL SAGE FOUNDAnON 112 East 64th Street, New York, New York 10021 10 9 8 7 6 5 4 ...