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Notes on discounting.

Howard Rachlin1

  • 1Psychology Department, Stony Brook Univer Stony Brook, NY 11794-2500, USA. howard.rachlin@sunysb.edu

Journal of the Experimental Analysis of Behavior
|June 17, 2006
PubMed
Summary
This summary is machine-generated.

Discount functions, used in psychology and economics, describe how value decreases over time or probability. A two-parameter power function provides a better fit for discounting data than simpler hyperbolic models.

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Area of Science:

  • Decision Sciences
  • Cognitive Psychology
  • Behavioral Economics

Background:

  • Discount functions model value decrease over time, probability, or other factors.
  • Commonly studied forms include hyperbolic functions for delay and probability discounting.
  • Existing models often struggle to fit complex discounting data accurately.

Purpose of the Study:

  • To introduce and evaluate a generalized two-parameter discount function.
  • To demonstrate the applicability of this function across various discounting domains.
  • To provide a more accurate and consistent model for discounting behavior.

Main Methods:

  • Analysis of discounting data from psychology and economics.
  • Comparison of a two-parameter power-function model against single-parameter hyperbolic models.

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  • Assessment of model fit using established statistical criteria.

    • Main Results:

    • A two-parameter power-function discount function significantly improves data fit compared to hyperbolic models.
    • This generalized form effectively models delay, probability, and memory discounting.
    • The power-function model aligns with the generalized matching law and economic utility theory.

    Conclusions:

    • The generalized power-function discount function offers a more robust framework for understanding discounting behavior.
    • This unified approach enhances consistency across different fields studying value-based decision-making.
    • Future research should explore the neural and computational underpinnings of this generalized discounting model.