We describe a novel approach to the measurement of discounting based on calculating area under empirical function. This avoids some problems associated with measures estimates parameters theoretical functions. The measure may be easily calculated for both individual and group data collected using any variety current delay probability procedures. present is not intended as substitute models. It useful, however, have simple, univariate that tied specific framework.

When offered a choice (Choice Y) between small immediate reward (2‐sec exposure to grain) and large (4‐sec delayed by 4 sec, pigeons invariably preferred the small, reward. However, when X) delay of T seconds followed Choice Y restriction only, pigeon's depended on T. was chose alternative leading (and then reward). large, only. The reversal preference as increases is predicted several recent models for various amounts delays with long durations parallels everyday instances advance...

In this study, children, young adults, and older adults chose between immediate delayed hypothetical monetary rewards The amount of the reward was held constant while its delay varied All three age groups showed discounting, that is, an judged to be equal value decreased as a function rate discounting highest for children lowest predicting life-span developmental trend toward increased self-control Discounting by all well described single with age-sensitive parameters (all R 2 s > 94)...

The present paper addresses the question of form mathematical relation between time until a delayed reward and its value. Data are presented from an experiment in which subjects chose hypothetical amounts money available either immediately or after delay (Green, Fry, & Myerson, 1994). Analyses behavior individual young adults demonstrated that temporal discounting is better described by hyperbola‐like functions than exponential decay functions. For most individuals, parameter determines...

Abstract Maximization theory, which is borrowed from economics, provides techniques for predicing the behavior of animals - including humans. A theoretical behavioral space constructed in each point represents a given combination various alternatives. With two alternatives and B within certain amount time spent performing B. particular environmental situation can be described as constraint on available points (a circumscribed area) space. theory assumes that always choose with highest...

This study examined the effects of age and income temporal discounting (i.e. decrease in subjective value a reward as delay to its receipt increases). The delayed hypothetical monetary rewards was discounted at similar rates by adults different ages but levels, levels. Specifically, lower older showed greater degree than did either upper or younger adults, there were no differences between groups. Comparison these findings with those previous (Green, Fry, & Myerson, 1994) suggests that...

We compared temporal and probability discounting of a nonconsumable reward (money) three directly consumable rewards (candy, soda, beer). When were delayed, monetary discounted less steeply than rewards, all which at equivalent rates. probabilistic, however, there was no difference between the rewards. It has been reported that substance abusers discount delayed drug more money, but this may reflect special characteristics drugs or abusers, it general property The present findings suggest...

Frequently, animals must choose between more immediate, smaller rewards and delayed, but larger rewards. For example, they often decide accepting a prey item versus continuing to search for one, or entering leaner patch travelling richer that is further away. In both situations, choice of the reward may be interpreted as implying value later discounted; is, decreases delay its receipt increases. This decrease in occur because increased risk involved waiting rewards, decreased rate associated...

Previous research has shown that the value of large future rewards is discounted less steeply than small rewards. These experiments extended this line to probabilistic Two replicated standard findings for delayed but demonstrated amount an opposite effect on discounting That is, amounts were at same or higher rates amounts. Although had effects and rewards, nevertheless, form mathematical function accurately described both types reward. The suggest fundamentally similar, not identical,...

Temporal discounting refers to the decrease in present, subjective value of a reward as time its receipt increases. Results from humans have shown that hyperbola‐like function describes form when choices involve hypothetical monetary rewards. In addition, magnitude effects been reported which smaller amounts are discounted more steeply than larger amounts. The present research examines cross‐species generality these findings using real rewards, namely food pellets, with both pigeons and...