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Related Experiment Video

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Measuring Delay Discounting in Humans Using an Adjusting Amount Task
07:47

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Published on: January 9, 2016

Delay discounting of different commodities.

Jeffrey N Weatherly1, Heather K Terrell, Adam Derenne

  • 1Department of Psychology, University of North Dakota, Grand Forks, ND 58202-8380, USA. jeffrey_weatherly@und.nodak.edu

The Journal of General Psychology
|August 20, 2010
PubMed
Summary
This summary is machine-generated.

People value delayed outcomes less, a concept known as delay discounting. This study found that delay discounting varies across different commodities, suggesting distinct domains influence decision-making.

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Area of Science:

  • Behavioral Economics
  • Cognitive Psychology
  • Neuroeconomics

Background:

  • The value of outcomes decreases with delay, a phenomenon termed delay discounting.
  • Delay discounting is linked to various behavioral disorders, including pathological gambling.
  • Understanding how different commodities are discounted is crucial for behavioral economics.

Purpose of the Study:

  • To investigate how individuals engage in delay discounting across diverse commodities.
  • To explore whether delay discounting patterns are commodity-specific or domain-general.
  • To identify underlying structures in delay discounting behavior.

Main Methods:

  • Participants completed delay discounting tasks for various commodities (e.g., money, social partners, policy).
  • Two groups were assigned different sets of commodities to assess generalizability.
  • Factor analysis was applied to the delay discounting data.

Main Results:

  • Commodities were discounted at different rates, indicating heterogeneity in subjective value.
  • Factor analysis revealed a consistent 2-factor structure across both datasets.
  • These factors suggest distinct "domains" of commodities influencing discounting behavior.

Conclusions:

  • Delay discounting is not uniform; it varies significantly based on the nature of the commodity.
  • The findings support a multi-domain model of delay discounting.
  • Discounting behavior within one commodity domain may predict behavior in others within the same domain, but not across domains.