Examining the role of risk in waiting preference and dynamic preference reversal: An experience intertemporal choice study

Abstract Short waits are pervasive in modern life. This study addressed how risk impacts intertemporal decisions that involve short waits (of 72 s or less) and how those decisions change while waiting. We used an experience time‐discounting task sensitive to the impact of risk and which can measure intratrial preference reversals. Three experiments showed that (1) adding uncertainty to outcomes does not change participants' preferences in waiting for a reward, but it reduces their willingness in waiting for a reduction of losses; (2) adding uncertainty to outcomes increases participants' tendency to switch their decisions during the course of waiting; and (3) participants showed no gain–loss asymmetry for risky intertemporal choices.