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Article
Publication date: 30 October 2019

Wei Lu, Yuwei Zhou, Li Sunny Pan and Yuhao Zhao

People often need to make intertemporal choices in their daily life, such as savings and spending, but their decisions are not always entirely rational. The purpose of…

Abstract

Purpose

People often need to make intertemporal choices in their daily life, such as savings and spending, but their decisions are not always entirely rational. The purpose of this paper is to study the effect of hunger on intertemporal choices and the moderating effect of sensitivity to reward.

Design/methodology/approach

Two studies verified these two hypotheses. The first study confirmed the existence of the main effect by manipulating food aroma. In the second study, by manipulating hunger with images, the authors increased external validity of the study and confirmed the regulation of the sensitivity of rewards.

Findings

The authors found that hungry people prefer to reap the benefits as early as possible in an intertemporal choice; this effect is significant only for those people who are sensitive to reward.

Practical implications

The research contributes to understand more about which factors will influence Chinese residents’ decisions on savings and spending. It also has practical implication for government policy, for example, proposing new ideas for reducing household savings rate and stimulating consumption.

Originality/value

The results confirmed that hunger significantly affects consumers’ intertemporal choices, which broadened the scope of researches on the factors that influence intertemporal choice, and advanced the study on the influence of individual’s physiological state on intertemporal choices. This study filled the gaps in previous researches, and opened up new research ideas for interdisciplinary study.

Details

Journal of Contemporary Marketing Science, vol. 2 no. 3
Type: Research Article
ISSN: 2516-7480

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Book part
Publication date: 1 November 2016

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Governing for the Future: Designing Democratic Institutions for a Better Tomorrow
Type: Book
ISBN: 978-1-78635-056-5

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Governing for the Future: Designing Democratic Institutions for a Better Tomorrow
Type: Book
ISBN: 978-1-78635-056-5

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Abstract

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The Theory of Monetary Aggregation
Type: Book
ISBN: 978-0-44450-119-6

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The Theory of Monetary Aggregation
Type: Book
ISBN: 978-0-44450-119-6

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Book part
Publication date: 30 June 2000

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The Theory of Monetary Aggregation
Type: Book
ISBN: 978-0-44450-119-6

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Book part
Publication date: 2 July 2004

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Functional Structure and Approximation in Econometrics
Type: Book
ISBN: 978-0-44450-861-4

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Article
Publication date: 20 February 2019

Kyu Kim and Gal Zauberman

This paper aims to examine the effect of music tempo on impatience in intertemporal tradeoff decisions. It finds that fast (vs slow) tempo music increases impatience. This…

Abstract

Purpose

This paper aims to examine the effect of music tempo on impatience in intertemporal tradeoff decisions. It finds that fast (vs slow) tempo music increases impatience. This occurs because fast (vs slow) tempo music makes temporal distance, and hence the waiting time until the receipt of delayed benefits, feel subjectively longer.

Design/methodology/approach

The study tests the hypotheses through four laboratory experiments.

Findings

In Studies 1a (N = 88) and 1b (N = 98), the results demonstrate that when participants listen to fast (vs slow) tempo music, they judge temporal distance to be longer. In Study 2 (N = 94), the results demonstrate that when participants listen to fast (vs slow) tempo music, they become more impatient when considering a smartphone purchase. In Study 3 (N = 218), the results demonstrate that when participants listen to fast (vs slow) tempo music, they become more impatient when considering a gift certificate, and that this delay discounting effect is attributable to the change in their temporal distance judgment.

Research limitations/implications

The current research reports a novel factor that influences impatience in intertemporal decisions and temporal distance judgment.

Practical implications

This research provides useful guidelines for retail managers and marketers regarding the effect of background music in stores.

Originality/value

This is the first study demonstrating a music tempo effect on temporal distance judgment and impatience in intertemporal tradeoff decisions.

Details

European Journal of Marketing, vol. 53 no. 3
Type: Research Article
ISSN: 0309-0566

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Governing for the Future: Designing Democratic Institutions for a Better Tomorrow
Type: Book
ISBN: 978-1-78635-056-5

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Article
Publication date: 23 October 2007

Michael K. McCuddy and Wendy L. Pirie

The purpose of this paper is to develop a theory of intertemporal stewardship that incorporates stewardship, based on a foundation of spirituality, into financial decision

Abstract

Purpose

The purpose of this paper is to develop a theory of intertemporal stewardship that incorporates stewardship, based on a foundation of spirituality, into financial decision‐making models.

Design/methodology/approach

Argues that stewardship, which shares some common ground with sustainable development, must become an integral component of financial decision‐making. Using agency theory as a point of departure, discusses the Anglo‐American and Continental European‐Japanese models of financial decision‐making, and how they can be reformulated to embrace stewardship and the spiritual foundation upon which stewardship is based. The key to linking spirituality and stewardship is our concept of self‐fullness – the simultaneous pursuit of reasonable self‐interest and reasonable concern for the common good of all human beings. The reformulated model of financial decision‐making is labeled intertemporal stewardship theory.

Findings

The merger of spirituality, stewardship, and financial decision‐making is crucial for the survival and prosperity of businesses and the people they serve. The failure of businesses in the new economy can be traced to the loss of values regarding spirituality and stewardship.

Research limitations/implications

Empirical research must be conducted to test the validity of the proposed intertemporal stewardship theory.

Practical implications

It is essential that managers base their decisions on internalized spiritual and stewardship values that they do not “park at the door” when they arrive at work. Managers should never lose sight of these values, and their decisions should always be grounded in these values. Without such grounding, it is very possible that once again managers will be caught in a cycle of “irrational exuberance”. Therefore, it is critical that these values become not only an integral part of financial decision‐making but also an integral part of education for financial decision‐making.

Originality/value

The financial bottom line is that financial decision‐making can no longer be devoid of spiritual and stewardship considerations if an organization is to survive and prosper over the long term. Neither can business organizations deny spirituality and stewardship considerations if they are to be socially responsible members of society, contributing to and upholding a moral existence for all humanity. In this sense then, the conception of intertemporal stewardship theory that is offered in this paper takes a step toward realizing these greater goals.

Details

Managerial Finance, vol. 33 no. 12
Type: Research Article
ISSN: 0307-4358

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