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The rate of reaction is the change in the amount of a reactant or product per unit time. Reaction rates are therefore determined by measuring the time dependence of some property that can be related to reactant or product amounts. Rates of reactions that consume or produce gaseous substances, for example, are conveniently determined by measuring changes in volume or pressure.
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Measuring Delay Discounting in Humans Using an Adjusting Amount Task
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The overall discount rate.

Alexander J H Houston1, Alasdair I Houston2

  • 1Department of Physics, University of Warwick, Coventry, West Midlands, CV4 7AL, UK.

Behavioural Processes
|May 7, 2019
PubMed
Summary
This summary is machine-generated.

We introduce a new measure, the overall discount rate W, to quantify discounting strength over time. This method offers advantages over existing measures by linking to instantaneous discounting rates.

Keywords:
Area under the curveDelayDiscounting

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Area of Science:

  • Behavioral Economics
  • Decision Science
  • Psychology

Background:

  • Discounting describes how the perceived value of an outcome decreases with delay.
  • Current measures, like normalized area under the discount function, summarize discounting strength but have limitations.

Purpose of the Study:

  • To introduce a novel measure for quantifying the strength of discounting over various delays.
  • To demonstrate the advantages of the proposed measure compared to existing methods.

Main Methods:

  • Proposed a new metric: the overall discount rate W.
  • Defined W as the drop in value from start to end of the value curve, divided by the area under this curve.
  • Analyzed the properties of W in relation to instantaneous discounting and exponential discounting.

Main Results:

  • The overall discount rate W offers advantages over the normalized area under the discount function.
  • W can be linked to the instantaneous rate of discounting.
  • W respects the properties of exponential discounting.

Conclusions:

  • The overall discount rate W is a valuable new metric for assessing discounting strength.
  • W provides a more nuanced understanding of discounting behavior than previous measures.
  • The inability of W to uniquely identify each curve is a necessary trade-off for assigning similar values to similar discount functions.