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Food and Nutrition EconomicsFundamentals for Health Sciences$
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George C. Davis and Elena L. Serrano

Print publication date: 2016

Print ISBN-13: 9780199379118

Published to Oxford Scholarship Online: November 2017

DOI: 10.1093/oso/9780199379118.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 July 2021

Now or Later

Now or Later

Chapter:
(p.113) 8 Now or Later
Source:
Food and Nutrition Economics
Author(s):

George C. Davis

Elena L. Serrano

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199379118.003.0008

Chapter 8 provides the economic framework for analyzing the trade-offs between ‘now’ rewards (e.g., hedonic effects) and “later” rewards (e.g., health effects). Because health effects occur in the future and may be uncertain, health considerations are often heavily discounted when making food and nutrition choices. This heavy discounting of future effects is known in economics as present consumption bias. The chapter discusses the implications the present consumption bias will have for a choice between a healthy unsavory food versus an unhealthy indulgent food. It discusses the implications this present consumption bias may have for nutrition interventions. The chapter closes with some of the main empirical findings on present consumption bias related to food and nutrition choices.

Keywords:   intertemporal choice, discounting, certainty, uncertainty, present consumption bias, delayed gratification

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