Time-dependent gambling: Odds now, money later.
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TL;DR
Four experiments investigated temporal changes in the influence of probability and payoffs on gambling using urn draws and extended the scope of these findings using a card game and a raffle to suggest a temporal construal process that highlights the desirability of outcomes in the distant future and the feasibility of attaining them in the near future.
Abstract
Four experiments investigated temporal changes in the influence of probability and payoffs on gambling. Using urn draws, the authors found in Experiment I that temporal distance increased the influence of payoffs and decreased the influence of probability on preferences. The authors found in Experiment 2 that in choosing among the more distant gambles, participants offered more reasons dealing with payoffs and fewer reasons dealing with probability. In Experiments 3 and 4, the authors extended the scope of these findings using a card game and a raffle. The results were interpreted in terms of a temporal construal process that highlights the desirability of outcomes in the distant future and the feasibility of attaining the outcomes in the near future.