Temporal discounting when the choice is between two delayed rewards.
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.
Green
Leonard
L
Department of Psychology, Washington University in St. Louis, MO 63130, USA. lgreen@wustl.edu
Myerson
Joel
J
Macaux
Eric W
EW
D002755:Choice Behavior; D003657:Decision Making; D006801:Humans; D008960:Models, Psychological; D012201:Reward; D013997:Time Factors