Which of the following illustrates the concept of delay of gratification?
a. preferring $500 now rather than $1,000 dollars one year from now
b. preferring $1,000 one year from now rather than $500 now
c. preferring a 1-in-1,000 chance at $10,000 rather than $10 for certain
d. preferring $10 for certain rather than a 1-in-1,000 chance at $10,000
i chose answer B. because you would be waiting a year to receive your long waited reward. i don't know what C. means, i don't know if that would be a good or bad thing? Please help me out!
I think b is the correct choice. c is a gamble for a 1 in 1,000 chance might mean nothing (and my luck would be nothing).
If it helps to have a second opinion, I agree with DrBob222.
Thanks for asking.
i think the answer of the question is B
To determine which option illustrates the concept of delay of gratification, we need to understand the concept itself. Delay of gratification refers to the ability to resist the temptation of an immediate reward in order to receive a larger or more desirable reward in the future.
Now let's analyze each option:
a. Preferring $500 now rather than $1,000 dollars one year from now: This option does not illustrate delay of gratification since it involves choosing the immediate reward over the delayed reward.
b. Preferring $1,000 one year from now rather than $500 now: this option does illustrate delay of gratification. By choosing to wait for one year to receive a larger amount, you are willing to delay the immediate gratification.
c. Preferring a 1-in-1,000 chance at $10,000 rather than $10 for certain: This option also illustrates delay of gratification. By choosing the small chance of a larger reward over the guaranteed smaller reward, you are willing to delay the immediate gratification.
d. Preferring $10 for certain rather than a 1-in-1,000 chance at $10,000: This option does not illustrate delay of gratification since it involves choosing the immediate reward over the uncertain, potentially larger reward.
Given this analysis, your choice of option b, "Preferring $1,000 one year from now rather than $500 now," is correct as it illustrates the concept of delay of gratification. Option c, "Preferring a 1-in-1,000 chance at $10,000 rather than $10 for certain," also illustrates delay of gratification.