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. 2018 Jan 4;74(6):964–974. doi: 10.1093/geronb/gbx160

Table 1.

Within-Subject Decision Scenarios

Valence
Context Positive Negative
Hedonic events Enjoyable weekends: Imagine that you are deciding how you will spend your time over the next four weekends. Some weekends will be very enjoyable, and others will not be enjoyable at all. There are different ways the weekends could be scheduled over the next month. One way would be for the early weekends to be very enjoyable and the later weekends to be not enjoyable at all. Another way would be for the early weekends to be not enjoyable at all and the later weekends to be very enjoyable. In all cases, the total amount of enjoyment for the month is the same. How would you prefer to spend your time? Painful procedures: Imagine that for the next four weeks you will need to visit the dentist once each week. Sometimes the procedures will be very painful, and other times they will be not painful at all. There are different ways the procedures could be scheduled over the next month. One way would be for the early procedures to be very painful and the later procedures to be not painful at all. Another way would be for the early procedures to be not painful at all and the later procedures to be the very painful. In all cases, the total amount of pain for the month is the same, and at the end of the month you will be pain free. How would you prefer to visit the dentist?
Monetary events Receiving money. Imagine you just found out that that you will receive a very large monetary inheritance from a relative that you didn’t even know you had. You will be given the money in multiple installments over time. There are different ways that you can receive the money. One way would be to receive larger amounts of money early and smaller amounts of money later. Another way would be to receive smaller amounts of money early and larger amounts of money later. In all cases, the total amount of money would be the same. How would you prefer to receive the money? Paying money. Imagine that you owe a very large amount of money. You will have to pay out the money in multiple installments over time. There are different ways that you could make the payments. One way would be to pay larger amounts of money early and to pay smaller amounts of money later. Another way would be to pay smaller amounts of money early and to pay larger amounts of money later. In all cases, the total amount of money would be the same. How would you prefer to pay the money?