Subjective probability and delay.

Human subjects indicated their preference between a hypothetical $1,000 reward available with various probabilities or delays and a certain reward of variable amount available immediately. The function relating the amount of the certain-immediate reward subjectively equivalent to the delayed $1,000 reward had the same general shape (hyperbolic) as the function found by Mazur (1987) to describe pigeons' delay discounting. The function relating the certain-immediate amount of money subjectively equivalent to the probabilistic $1,000 reward was also hyperbolic, provided that the stated probability was transformed to odds against winning. In a second experiment, when human subjects chose between a delayed $1,000 reward and a probabilistic $1,000 reward, delay was proportional to the same odds-against transformation of the probability to which it was subjectively equivalent.     

What’s so naïve about naïve realism?

Philosophical Studies - Naïve Realism claims that veridical perceptual experiences essentially consist in genuine relations between perceivers and mind-independent objects and their features....     

The effect of temporal constraints on the value of money and other commodities

The value of hypothetical rewards of various delays and durations, consisting of money or other commodities, such as automobile use and vacations, was measured by the psychophysical up-down staircase method using an amount of unrestricted immediate money as the titrated variable. A model of temporal discounting based on implied constraints on anticipated consumption rate described the data. Further explicit constraints on consumption produced predictable deviations from the model. The concept that consumption is normally constrained together with time discounting may also explain the interaction between amount and delay of monetary reward in determining value and may provide the basis for a theory of addiction based on learning to increase consumption rate.