Delay discounting of real and hypothetical rewards.

Madden, Gregory J.; Begotka, Andrea M.; Raiff, Bethany R.; Kastern, Lana L.

doi:10.1037/1064-1297.11.2.139

Cited by 566 publications

(493 citation statements)

References 40 publications

(85 reference statements)

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“…Thus, when the alternative to a delayed dose of cocaine is another cocaine injection, a simple hyperbolic discounting function provides an account of choice between immediate and delayed reinforcers that is as accurate as when nondrug reinforcers maintain behavior. In addition, the present results are similar to findings with humans given hypothetical choices involving drug reinforcers (e.g., Bickel, Odum, & Madden, 1999;Madden, Begotka, Raiff, & Kastern, 2003;Petry, 2003) as well as findings involving hypothetical monetary rewards (for a recent review, see ).…”

Section: Discussionsupporting

confidence: 88%

Delay discounting of cocaine by rhesus monkeys.

Woolverton

Myerson²,

Green³

2007

Experimental and Clinical Psychopharmacology

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The present, subjective value of a reinforcer typically decreases as a function of the delay to its receipt, a phenomenon termed delay discounting. Delay discounting, which is assumed to reflect impulsivity, is hypothesized to play an important role in drug abuse. The present study examined delay discounting of cocaine injections by rhesus monkeys. Subjects were studied on a discretetrials task in which they chose between 2 doses of cocaine: a smaller, immediate dose and a larger, delayed dose. The immediate dose varied between 0.012 and 0.4 mg/kg/injection, whereas the delayed dose was always 0.2 mg/kg/injection and was delivered after a delay that varied between 0 and 300 s in different conditions. At each delay, the point at which a monkey chose the immediate and delayed doses equally often (i.e., the ED50) provided a measure of the present, subjective value of the delayed dose. Dose-response functions for the immediate dose shifted to the left as delay increased. The amount of the immediate dose predicted to be equal in subjective value to the delayed dose decreased as a function of the delay, and hyperbolic discounting functions provided good fits to the data (median R 2 = .86). The current approach may provide the basis for an animal model of the effect of delay on the subjective value of drugs of abuse.

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Section: Discussionsupporting

confidence: 88%

Delay discounting of cocaine by rhesus monkeys.

Woolverton

Myerson²,

Green³

2007

Experimental and Clinical Psychopharmacology

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“…Several experimenters have directly compared discount rates based on real and hypothetical rewards. While Kirby and Marakovic (1996) and Coller and Williams (1999) found lower discount rates for hypothetical choices than for real choices, Johnson and Bickel (2002), Madden et al (2003) and Hamoudi and Thomas (2006) did not observe this difference in their experiments. There has also been considerable debate outside of the context of inter-temporal choice on this issue.…”

Section: Measuring Time Discountingmentioning

confidence: 89%

The Impact of Education on Subjective Discount Rate in Ugandan Villages

Bauer

Chytilová

2010

Economic Development and Cultural Change

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in The Impact of Education on the Subjective Discount Rate in Ugandan VillagesMichal Bauer Julie Chytilová The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. Heterogeneity in time discounting may reinforce the existing barriers to save and invest faced by rural populations in developing countries. We elicit a subjective discount rate for a varied sample of Ugandan villagers. In accordance with other studies, we have found the discount rate to decrease with education. We examine this correlation further by testing the causal effect of education and exploit two different sources of its variation: school frequency across villages and the number of the respondents' school-going years that overlap with the era of the dictator Idi Amin's rule. For men, we find that education has a significant impact on their discount rate, similar in magnitude for both types of instruments and robust to observable characteristics. This finding highlights the importance of education in development.JEL Classification: C93, D91, O12

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“…A more recent study by Madden et al (2003) also used a within-subject design to examine discounting with real and hypothetical monetary rewards. There were 20 participants, half of whom were tested first with hypothetical rewards and then with real rewards; the other half were tested first with real rewards and then with hypothetical rewards.…”

Section: Are These Procedures Realistic?mentioning

confidence: 99%

A Discounting Framework for Choice With Delayed and Probabilistic Rewards.

Green¹,

Myerson²

2004

Psychological Bulletin

1,441

1,337

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When choosing between delayed or uncertain outcomes, individuals discount the value of such outcomes on the basis of the expected time to or the likelihood of their occurrence. In an integrative review of the expanding experimental literature on discounting, the authors show that although the same form of hyperbola-like function describes discounting of both delayed and probabilistic outcomes, a variety of recent findings are inconsistent with a single-process account. The authors also review studies that compare discounting in different populations and discuss the theoretical and practical implications of the findings. The present effort illustrates the value of studying choice involving both delayed and probabilistic outcomes within a general discounting framework that uses similar experimental procedures and a common analytical approach.Choice is relatively predictable when the alternatives differ on only one dimension. For example, if individuals are offered a choice between two rewards that differ only in amount, they generally choose the larger rather than the smaller reward. Similarly, if offered a choice between two rewards that differ only in delay, individuals tend to choose the reward available sooner rather than the one available later, and if offered a choice between two alternatives that differ only in probability, they tend to choose the more certain reward. These same general principles, and a complementary set of principles for negative outcomes (e.g., smaller punishments will be chosen over larger ones), apply both to humans and other animals. These behavioral tendencies obviously make both economic and evolutionary sense.Problems arise, however, when choice options differ on more than one dimension-for example, when an individual must choose between a smaller reward available sooner and a larger reward available later. It is also unclear, in general, which alternative an individual would (or should) select when choosing between a smaller, more certain reward and a larger, less certain one or between a less certain reward available sooner and a more certain, but more delayed, reward. These problems are only compounded when rewards differ on all three dimensions (i.e., amount, delay, and probability). The central issue is how individuals make trade-offs among their preferences on these dimensions (Keeney & Raiffa, 1993).This issue is not only of theoretical interest; it also has implications for everyday decision making, which often involves outcomes that differ on multiple dimensions. Examples of such decisions include deciding whether to purchase a less expensive item that can be enjoyed now or to save for a more expensive one; whether to choose a risky investment that potentially could pay off at a high rate or one that pays a low but guaranteed rate of return; and whether to buy

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Delay discounting of real and hypothetical rewards.

Cited by 566 publications

References 40 publications

Delay discounting of cocaine by rhesus monkeys.

Delay discounting of cocaine by rhesus monkeys.

The Impact of Education on Subjective Discount Rate in Ugandan Villages

A Discounting Framework for Choice With Delayed and Probabilistic Rewards.

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