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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Intertemporal choice as discounted value accumulation.

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  • 1Department of Psychology, Stanford University, Stanford, California, United States of America.

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Summary
This summary is machine-generated.

The Linear Ballistic Accumulator (LBA) model successfully explains reward selection in intertemporal choice by modeling it as a sequential sampling process. This approach captures choice outcomes and response times better than temporal discounting alone.

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Area of Science:

  • Cognitive Neuroscience
  • Decision Science
  • Mathematical Psychology

Background:

  • Intertemporal choice involves two processes: temporal discounting (valuing rewards over time) and reward selection (comparing options).
  • Existing models primarily focus on temporal discounting, leaving the reward selection mechanism largely unexamined.
  • Understanding reward selection is crucial for a comprehensive model of intertemporal decision-making.

Purpose of the Study:

  • To evaluate the Linear Ballistic Accumulator (LBA) model as a framework for the reward selection process in intertemporal choice.
  • To determine if the LBA model can quantitatively explain choice outcomes and response times.
  • To link the LBA model's parameters to subjective values derived from temporal discounting.

Main Methods:

  • Applied several versions of the Linear Ballistic Accumulator (LBA) model to data from intertemporal choice tasks.
  • Compared LBA model predictions against observed choice outcomes and response times.
  • Estimated subjective values using established temporal discounting models and related them to LBA drift rates.

Main Results:

  • The LBA model effectively captured both choice outcomes and response times in intertemporal choice scenarios.
  • The relationship between choice and response time was not fully explained by temporal discounting alone, highlighting the LBA's contribution.
  • Drift rates in the best-fitting LBA model correlated with independently estimated subjective reward values.

Conclusions:

  • The Linear Ballistic Accumulator (LBA) model provides a robust quantitative framework for understanding the reward selection process in intertemporal choice.
  • This research bridges the gap between temporal discounting and the selection mechanism, offering a unified view of decision-making.
  • Findings suggest the LBA model is applicable to a broader range of decision-making tasks beyond intertemporal choice.