Exponential Versus Hyperbolic Discounting of Delayed Outcomes: Risk and Waiting Time
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منابع مشابه
Exponential Versus Hyperbolic Discounting of Delayed Outcomes: Risk and Waiting Time
SYNOPSIS. Frequently, animals must choose between more immediate, smaller rewards and more delayed, but larger rewards. For example, they often must decide between accepting a smaller prey item versus continuing to search for a larger one, or between entering a leaner patch versus travelling to a richer patch that is further away. In both situations, choice of the more immediate, but smaller re...
متن کاملDiscounting of delayed rewards is not hyperbolic.
Delay discounting refers to decision-makers' tendency to value immediately available goods more than identical goods available only after some delay. In violation of standard economic theory, decision-makers frequently exhibit dynamic inconsistency; their preferences change simply due to the passage of time. The standard explanation for this behavior has appealed to the nature of decision-maker...
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An adjusting-delay procedure was used to study the choices of pigeons and rats when both delay and amount of reinforcement were varied. In different conditions, the choice alternatives included one versus two reinforcers, one versus three reinforcers, and three versus two reinforcers. The delay to one alternative (the standard alternative) was kept constant in a condition, and the delay to the ...
متن کاملIs time-discounting hyperbolic or subadditive
Subadditive time discounting means that discounting over a delay is greater when the delay is divided into subintervals than when it is left undivided. This may produce the most important result usually attributed to hyperbolic discounting: declining impatience, or the inverse relationship between the discount rate and the magnitude of the delay. Three choice experiments were conducted to test ...
متن کاملDiscounting by Probabilistic Waiting
In everyday life, many probabilistic situations may be characterized as probabilistic waiting. A gambler, for example, bets repeatedly at the racetrack, the casino, or the card table. The gambler may not win on the first try, but if a gamble is repeated enough times, a win is almost certain to occur eventually. If repeated gambles are structured as strings of losses ending in a win (probabilist...
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ژورنال
عنوان ژورنال: American Zoologist
سال: 1996
ISSN: 0003-1569
DOI: 10.1093/icb/36.4.496