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The combined effects of delay and probability in discounting



The combined effects of delay and probability in discounting



Behavioural Processes 73(2): 149-155



Human discounting studies have frequently observed hyperbolic discounting of rewards that are delayed or probabilistic. However, no studies have systematically combined delay and probability in a single discounting procedure. Indifference points of hypothetical money rewards that are both delayed and probabilistic were determined. Probabilities were converted into comparable delays according to the h/k constant of proportionality determined by , and discounting rates were calculated. These data provided a very good fit to the hyperbolic model of discounting, suggesting that delay and probability can be combined into a single metric in studies of discounting. The inclusion of a magnitude condition found the Magnitude Effect commonly found in studies of temporal discounting. A temporal resolution of uncertainty condition found no effect. The present paper offers a novel statistical method, within an established framework, for the analysis of data from studies of discounting that combine delay and probability.

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Accession: 012639586

Download citation: RISBibTeXText

PMID: 16759821

DOI: 10.1016/j.beproc.2006.05.001


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