The Iterated Prisoner's Dilemma (IPD) is a central paradigm in the study of animal cooperation. According to the IPD framework, repeated play (repetition) and reciprocity combine to maintain a cooperative equilibrium. However, experimental studies with animals suggest that cooperative behavior in IPDs is unstable, and some have suggested that strong preferences for immediate benefits (that is, ...

Myopia for the future, especially in relation to economic decisions, has long been associated with low socioeconomic status (SES). Indeed, the use of theword “myopic” to describe the poor in this context dates back over a hundred years in economics (1). Although we all tend to discount future rewards to some degree, for example preferring $100 today to a slightly larger sum in the future, highe...

Temporal discounting assessments measure the reduction in the subjective value of a reward as a function of the delay to that reward, and are correlated with behavior in social dilemma. Among the solutions proposed for defection in social dilemmas is a single individual making the decisions for the group. The present study examined the influence of group context on temporal discounting. Partici...

Decision makers generally feel disconnected from their future selves, an experience that leads them to prefer smaller immediate gains to larger future gains. This pervasive tendency is known as temporal discounting, and researchers across disciplines are interested in understanding how to overcome it. Following recent advances in the power literature, we suggest that the experience of power enh...

We provide a theory of random intertemporal choice. Choice is random due to unobserved heterogeneity in discounting from the perspective of a modeler. First, we show that the modeler can identify the distribution of discount rates uniquely from random choice. We then provide axiomatic characterizations of random discounting utility models, including exponential and quasi-hyperbolic discounting ...

Temporal discounting is the tendency to devalue temporally distant rewards. Past studies have examined the k-value, the indifference point, and the area under the curve as dependent measures on this task. The current study included these three measures and a fourth measure, called the interest rate total score, which differentiated good from poor choices. The interest rate total score was based...

Choices involving tradeo¤s of bene…ts and costs over time are pervasive in our everyday lives. The observation of declining discount rates in experimental settings has led many to promote hyperbolic discounting over standard exponential discounting as the preferred descriptive model of intertemporal choice. In this paper, I develop a new framework that directly models the intertemporal utility ...

In past studies observing probability discounting, the subjective value of a probabilistic reward has been measured by finding the indifferent point between a larger, probabilistic reward and a smaller, certain reward. The present study observed probability discounting when a common multiplier (between 0.05 and 1.0) is added to both rewards, making both options probabilistic. In two experiments...

Recommendations are widely used in recommender systems, reputation systems, and trust-based security systems. Some existing reputation systems and trust-based security systems use the flawed notion of endogenous discounting. Endogenous discounting is the idea that claims deviating from prior expectations should be ignored or discounted, which introduces confirmation bias. To show the fallacy of...

Insufficient resources are associated with negative consequences including decreased valuation of future reinforcers. To determine if these effects result from scarcity, we examined the consequences of acute, abrupt changes in resource availability on delay discounting-the subjective devaluation of rewards as delay to receipt increases. In the current study, 599 individuals recruited from Amazo...