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Related Experiment Video

Updated: May 12, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Comparing intertemporal decision-making models: Predictions and applications in lifespan through subjective time

Lijuan Dai1,2, Ya Wang3, Robin Chark2,4

  • 1Department of Psychology, Faculty of Social Sciences, University of Macau, Macao, China.

British Journal of Psychology (London, England : 1953)
|May 9, 2025
PubMed
Summary

Intertemporal choice models incorporating Stevens

Keywords:
10‐fold cross‐validationStevens' power lawWeber‐Fechner lawage effectdelay discountingintertemporal choice

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Area of Science:

  • Cognitive Psychology
  • Neuroeconomics
  • Decision Science

Background:

  • Intertemporal decision-making involves evaluating future rewards, a fundamental cognitive process.
  • Existing models like hyperbolic and exponential discounting offer limited explanations for subjective time perception.
  • Understanding age-related differences in decision-making requires models that capture nonlinear time perception.

Purpose of the Study:

  • To compare the explanatory and predictive power of five intertemporal choice models.
  • To assess models incorporating psychophysical principles of time perception against basic discounting models.
  • To investigate age-related variations in delay discounting and time perception parameters across the lifespan.

Main Methods:

  • Compared hyperbolic, exponential, Stevens' power law exponential, Weber-Fechner exponential, and Stevens' power law hyperbolic discounting models.
  • Utilized three independent datasets for model fitting and cross-validation.
  • Applied the best-performing models to a lifespan sample (ages 9-82).

Main Results:

  • Stevens' power law exponential and hyperbolic discounting models demonstrated superior fit and predictive accuracy.
  • Findings suggest that time perception in intertemporal choices adheres to Stevens' power law.
  • Nonlinear variations in discounting rates and time perception parameters were observed across the lifespan.

Conclusions:

  • Models integrating nonlinear time perception, specifically Stevens' power law, enhance understanding of intertemporal choice.
  • Age-related differences in delay discounting can be attributed to variations in subjective time perception.
  • This research supports theories on age-related changes in decision-making across the lifespan.