Temporal Discounting When the Choice Is Between Two Delayed Rewards

@article{citeulike:377735, abstract = {The present experiments extend the temporal discounting paradigm from choice between an immediate and a delayed reward to choice between 2 delayed rewards: a smaller amount of money available sooner and a larger amount available later. Across different amounts and delays, the data were consistently well described by a hyperbola-like discounting function, and the degree of discounting decreased systematically as the delay to the sooner reward increased. Three theoretical models (the elimination-by-aspects, present-value comparison, and common-aspect attenuation hypotheses) were evaluated. The best account of the data was provided by the common-aspect attenuation hypothesis, according to which the common aspect of the choice alternatives (i.e., the time until the sooner reward is available) receives less weight in the decision-making process.}, author = {Green, Leonard and Myerson, Joel and Macaux, Eric W. }, citeulike-article-id = {377735}, journal = {Journal of Experimental Psychology: Learning, Memory, and Cognition}, keywords = {choice, delay, discounting, intertemproral-choice, temporal-discounting}, month = {September}, number = {5}, pages = {1121--1133}, posted-at = {2005-11-02 12:00:16}, priority = {4}, title = {Temporal Discounting When the Choice Is Between Two Delayed Rewards}, url = {http://content.apa.org/journals/xlm/31/5/1121}, volume = {31}, year = {2005} }

TY - JOUR ID - citeulike:377735 L3 - citeulike-article-id:377735 TI - Temporal Discounting When the Choice Is Between Two Delayed Rewards JF - Journal of Experimental Psychology: Learning, Memory, and Cognition VL - 31 IS - 5 SP - 1121 EP - 1133 N2 - The present experiments extend the temporal discounting paradigm from choice between an immediate and a delayed reward to choice between 2 delayed rewards: a smaller amount of money available sooner and a larger amount available later. Across different amounts and delays, the data were consistently well described by a hyperbola-like discounting function, and the degree of discounting decreased systematically as the delay to the sooner reward increased. Three theoretical models (the elimination-by-aspects, present-value comparison, and common-aspect attenuation hypotheses) were evaluated. The best account of the data was provided by the common-aspect attenuation hypothesis, according to which the common aspect of the choice alternatives (i.e., the time until the sooner reward is available) receives less weight in the decision-making process. KW - choice KW - delay KW - discounting KW - intertemproral-choice KW - temporal-discounting AU - Green, Leonard AU - Myerson, Joel AU - Macaux, Eric PY - 2005/09// UR - http://content.apa.org/journals/xlm/31/5/1121 ER -