Prospection and the Present Moment: The Role of Episodic Foresight in Intertemporal Choices between Immediate and Delayed Rewards

Humans are capable of imagining future rewards and the contexts in which they may be obtained. Functionally, intertemporal choices between smaller but immediate and larger but delayed rewards may be made without such episodic foresight. However, we propose that explicit simulations of this sort enable more flexible and adaptive intertemporal decision-making. Emotions triggered through the simulation of future situations can motivate people to forego immediate pleasures in the pursuit of long-term rewards. However, we stress that the most adaptive option need not always be a larger later reward. When the future is anticipated to be uncertain, for instance, it may make sense for preferences to shift toward more immediate rewards, instead. Imagining potential future scenarios and assessment of their likelihood and affective consequences allows humans to determine when it is more adaptive to delay gratification in pursuit of a larger later reward, and when the better strategy is to indulge in a present temptation. We discuss clinical studies that highlight when and how the effect of episodic foresight on intertemporal decision-making can be altered, and consider the relevance of this perspective to understanding the nature of self-control.