Time discounting (delta) and pain anticipation: Experimental evidence

Abstract

This paper deals with pain anticipation experienced before medical procedures. Our experimental results show that individuals with lower discount factors are more prone to suffer pain in advance. We provide a framework to rationalize the connection between pain anticipation and impatience. In this set up, more impatient subjects, who only value very near events, mainly take into account the negative effects of medical procedures (only costs), whereas more patient individuals have a net positive valuation of medical events (given that they value both the cost incurred now and all the benefits to be accrued in the future).