The effect of temporal constraints on the value of money and other commodities

The effect of temporal constraints on the value of money and other commodities The value of hypothetical rewards of various delays and durations, consisting of money or other commodities, such as automobile use and vacations, was measured by the psychophysical up‐down staircase method using an amount of unrestricted immediate money as the titrated variable. A model of temporal discounting based on implied constraints on anticipated consumption rate described the data. Further explicit constraints on consumption produced predictable deviations from the model. The concept that consumption is normally constrained together with time discounting may also explain the interaction between amount and delay of monetary reward in determining value and may provide the basis for a theory of addiction based on learning to increase consumption rate. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Behavioral Decision Making Wiley

The effect of temporal constraints on the value of money and other commodities

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Publisher
Wiley
Copyright
Copyright © 1993 Wiley Subscription Services
ISSN
0894-3257
eISSN
1099-0771
DOI
10.1002/bdm.3960060202
Publisher site
See Article on Publisher Site

Abstract

The value of hypothetical rewards of various delays and durations, consisting of money or other commodities, such as automobile use and vacations, was measured by the psychophysical up‐down staircase method using an amount of unrestricted immediate money as the titrated variable. A model of temporal discounting based on implied constraints on anticipated consumption rate described the data. Further explicit constraints on consumption produced predictable deviations from the model. The concept that consumption is normally constrained together with time discounting may also explain the interaction between amount and delay of monetary reward in determining value and may provide the basis for a theory of addiction based on learning to increase consumption rate.

Journal

Journal of Behavioral Decision MakingWiley

Published: Jan 1, 1993

Keywords: ; ; ; ; ;

References

  • Impulse control in pigeons
    Ainslie, G.
  • Etiologic Aspects of Alcohol and Drug Abuse
    Ainslie, G.; Haendel, V.
  • The Economic Approach to Human Behavior
    Becker, G. S.
  • Quantitative Analysis of Behavior
    Mazur, J. E.

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