The combined effects of delay and probability in discounting.

Full Abstract

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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Author information

Author/s: Yi, Richard (R); de la Piedad, Xochitl (X); Bickel, Warren K (WK);

Affiliation: Department of Psychiatry, College of Medicine, University of Arkansas for Medical Sciences, Little Rock, AR 72205, USA. ryi(-atsign-)uams.edu

Grants: R01 DA11692 (Agency:NIDA NIH HHS) ; T32 DA07242 (Agency:NIDA NIH HHS)

Journal and publication information

Publication Type: Journal Article; Research Support, N.I.H., Extramural

Journal: Behavioural processes (Behav Processes), published in Netherlands. (Language: eng)

Reference: 2006-Sep; vol 73 (issue 2) : pp 149-55

Dates: Created 2006/08/28; Completed 2006/10/31; Revised 2007/11/14;

PMID: 16759821, status: MEDLINE (last retrieval date: 12/26/2008)

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