New designs for research in delay discounting
The two most influential models in delay discounting research have been the exponential (E) and hyperbolic (H) models. We develop a new methodology to design binary choice questions such that exponential and hyperbolic discount rates can be purposefully manipulated to make their rate parameters orth...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2011-12-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S1930297500004198/type/journal_article |
| _version_ | 1827828225880883200 |
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| author | John R. Doyle Catherine H. Chen Krishna Savani Andreas Glöckner Benjamin E. Hilbig |
| author_facet | John R. Doyle Catherine H. Chen Krishna Savani Andreas Glöckner Benjamin E. Hilbig |
| author_sort | John R. Doyle |
| collection | DOAJ |
| description | The two most influential models in delay discounting research have been the exponential (E) and hyperbolic (H) models. We develop a new methodology to design binary choice questions such that exponential and hyperbolic discount rates can be purposefully manipulated to make their rate parameters orthogonal (Pearson’s R = 0), negatively correlated (R = –1), positively correlated (R = +1), or to hold one rate constant while allowing the other to vary. Then we extend the method to similarly contrast different versions of the hyperboloid model. The arithmetic discounting model (A), which is based on differences between present and future rewards rather than their ratios, may easily be made orthogonal to any other pair of models. Our procedure makes it possible to design choice stimuli that precisely vary the relationship between different discount rates. However, the additional control over the correlation between different discount rate parameters may require the researcher to either restrict the range that those rate parameters can take, or to expand the range of times the participant must wait for future rewards. |
| first_indexed | 2024-03-12T03:46:58Z |
| format | Article |
| id | doaj.art-d8966abcc41643c8bb1f9b2b25c6f3db |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T03:46:58Z |
| publishDate | 2011-12-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-d8966abcc41643c8bb1f9b2b25c6f3db2023-09-03T12:44:19ZengCambridge University PressJudgment and Decision Making1930-29752011-12-01675977010.1017/S1930297500004198New designs for research in delay discountingJohn R. Doyle0Catherine H. Chen1Krishna Savani2Andreas GlöcknerBenjamin E. HilbigCardiff Business School, Aberconway Building, Colum Drive, Cardiff University, Cardiff, UK. CF10 3EUDepartment of Accounting and Finance, Middlesex UniversityGraduate School of Business, Columbia UniversityThe two most influential models in delay discounting research have been the exponential (E) and hyperbolic (H) models. We develop a new methodology to design binary choice questions such that exponential and hyperbolic discount rates can be purposefully manipulated to make their rate parameters orthogonal (Pearson’s R = 0), negatively correlated (R = –1), positively correlated (R = +1), or to hold one rate constant while allowing the other to vary. Then we extend the method to similarly contrast different versions of the hyperboloid model. The arithmetic discounting model (A), which is based on differences between present and future rewards rather than their ratios, may easily be made orthogonal to any other pair of models. Our procedure makes it possible to design choice stimuli that precisely vary the relationship between different discount rates. However, the additional control over the correlation between different discount rate parameters may require the researcher to either restrict the range that those rate parameters can take, or to expand the range of times the participant must wait for future rewards.https://www.cambridge.org/core/product/identifier/S1930297500004198/type/journal_articledelay discountingexponential discountinghyperbolic discountingarithmetic discountingmodel separationExcel Solver |
| spellingShingle | John R. Doyle Catherine H. Chen Krishna Savani Andreas Glöckner Benjamin E. Hilbig New designs for research in delay discounting Judgment and Decision Making delay discounting exponential discounting hyperbolic discounting arithmetic discounting model separation Excel Solver |
| title | New designs for research in delay discounting |
| title_full | New designs for research in delay discounting |
| title_fullStr | New designs for research in delay discounting |
| title_full_unstemmed | New designs for research in delay discounting |
| title_short | New designs for research in delay discounting |
| title_sort | new designs for research in delay discounting |
| topic | delay discounting exponential discounting hyperbolic discounting arithmetic discounting model separation Excel Solver |
| url | https://www.cambridge.org/core/product/identifier/S1930297500004198/type/journal_article |
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