Reduced access to reinforcement drives delay discounting during experienced delays

Area of Science:

• Behavioral Economics
• Decision Science
• Neuroeconomics

Background:

• Delay discounting, the devaluation of rewards as a function of time, is a fundamental concept in decision-making.
• Previous research suggests waiting during a delay amplifies its impact on reward value, but this is often confounded with hypothetical versus experiential choices.
• Understanding the distinct effects of waiting versus postponing is crucial for accurate models of choice behavior.

Purpose of the Study:

• To independently assess the impact of waiting versus postponing on delay discounting.
• To differentiate the roles of reduced access to other rewards and direct costs of waiting in experiential choice contexts.

Main Methods:

• Experiment 1: Compared delay discounting for waiting versus postponing using both hypothetical monetary choices and experiential choices with computer game points.
• Experiment 2: Manipulated reduced access to other reinforcers and direct costs of waiting in an experiential delay-discounting task.

Main Results:

• Steeper delay discounting was observed for waiting compared to postponing across both hypothetical and experiential choices.
• Reduced access to other reinforcers had a greater impact on delay discounting than direct costs of waiting.

Conclusions:

• Waiting, characterized by opportunity costs, significantly influences delay discounting more than postponing.
• Future research and applied interventions should consider the unique psychological and economic factors associated with waiting periods.