The impact of uncertainty induced by the COVID-19 pandemic on intertemporal choice

The coronavirus disease (COVID-19) pandemic has triggered a strong sense of uncertainty worldwide, which may lead to short-sighted behaviors. This study aimed to examine the impact of uncertainty induced by COVID-19 on intertemporal choice, as well as its underlying mechanisms, by conducting four experiments. Study 1a verified the causal relationship between uncertainty and intertemporal choice by showing that participants who feel more uncertain are more likely to choose smaller and sooner gains. Study 1b further confirmed this finding by conducting field experiments, which improved the ecological validity of the results. Study 2 not only replicated the results of Study 1 but also investigated the mediating role of future orientation between uncertainty and intertemporal choice. In Study 3, all participants experienced high uncertainty by recalling their own experiences related to COVID-19. The results showed that increasing future orientation reduced their preferences for smaller and sooner gains, further confirming the mediating role of future orientation. Overall, these findings indicate that uncertainty may lead to a present orientation, which in turn fosters preferences for immediate gains.