Title

Delay Discounting of Real and Hypothetical Rewards

Document Type

Article

Journal/Book Title/Conference

Experimental and Clinical Psychopharmacology

Volume

11

Issue

2

Publisher

American Psychological Association

Publication Date

2003

First Page

139

Last Page

145

DOI

10.1037/1064-1297.11.2.139

Abstract

The degree to which real and hypothetical rewards were discounted across delays ranging from 6 hr to 1 year was explored in a within-subjects design. An adjusting-amounts procedure was used to estimate the subjective value of real and hypothetical rewards at each delay. A hyperbolic discounting function provided a significantly better fit to individual participants' preferences than did an exponential function. No significant effect of reward type on degree of hyperbolic discounting or area under the discounting curves was detected. These findings offer some support for the validity of using hypothetical rewards to estimate discounting rates in substance-abusing and other populations, but caution is suggested because this support is gleaned from a failure to detect an effect of reward type.

Comments

Originally published by the American Psychological Association.

This article may not exactly replicate the final version published in the APA journal. It is not the copy of record.

Publisher's PDF available for purchase through remote link.

Note: Greg Madden was affiliated with the University of Wisconsin at time of publication.

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