Well begun is half done - A study about procrastination

Abstract: While a considerable amount of research has been made on the discounting of future rewards, this thesis seeks to improve our knowledge of how people discount arduous tasks. Reward discounting has traditionally been modeled geometrically with the discounted utility model but has lately come into question by scientist favoring the hyperbolic model. The hyperbolic model implies that peoples preferences change as the decision comes closer in time and explains time inconsistent and irrational behavior such as willingness to forgo a later, larger reward in order to receive a smaller sooner reward, especially when the smaller reward becomes imminently available. However, very little research has been made on discounting negative events such as arduous tasks supposedly leading to procrastination. The results of this study performed on 80 first year SSE students aren't fully captured by any of the two models. Instead of deferring an arduous task to a later point in time, a majority of the subjects performed the task as early as possible. Furthermore, when the start up cost of the tasks where removed an overwhelmingly large proportion of the sample (97%) chose to perform the task early although this was neither necessary nor even rational. We interpret these findings to mean that none of the conventional models of intertemporal choice really captures the mechanics of discounting arduous tasks. Instead, we propose two new variables, anticipation and working modus that can help to explain the behavior shown by the students in this study. We also propose how these variables can be incorporated into current models of inter-temporal choice.