Even though Ellen does not urgently require boots, she says that she would rather buy a pair of boots today (for $200)rather than to wait two weeks, when they will be on sale for half the price. Ellen's decision MOST likely involves ____.
A)temporal discounting
B)risk aversion
C)the status quo bias
D)the omission bias

Question

Quizplus · Accepted Answer

Ellen's decision to buy the boots now rather than waiting for a sale where she could get them for half the price is an example of temporal discounting. This concept refers to the tendency to value immediate rewards more highly than future rewards, even if the future rewards are significantly larger.

Even Though Ellen Does Not Urgently Require Boots, She Says