Temporal discounting when the choice is between two delayed rewards |
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Authors: | Green Leonard Myerson Joel Macaux Eric W |
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Affiliation: | Department of Psychology, Washington University in St. Louis, MO 63130, USA. lgreen@wustl.edu |
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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. |
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