Area under the curve as a measure of discounting.

We describe a novel approach to the measurement of discounting based on calculating the area under the empirical discounting function. This approach avoids some of the problems associated with measures based on estimates of the parameters of theoretical discounting functions. The area measure may be easily calculated for both individual and group data collected using any of a variety of current delay and probability discounting procedures. The present approach is not intended as a substitute for theoretical discounting models. It is useful, however, to have a simple, univariate measure of discounting that is not tied to any specific theoretical framework.

[1]  P. Samuelson.  A Note on Measurement of Utility , 1937 .

[2]  S. S. Stevens.  On the psychophysical law. , 1957, Psychological review.

[3]  J. E. Mazur.  An adjusting procedure for studying delayed reinforcement. , 1987 .

[4]  M. Commons.  The effect of delay and of intervening events on reinforcement value , 2013 .

[5]  H. Rachlin.  Judgment, Decision, and Choice: A Cognitive/Behavioral Synthesis , 1989 .

[6]  H. Rachlin.  Why do People Gamble and Keep Gambling despite Heavy Losses? , 1990 .

[7]  D. Cross,et al.  Subjective probability and delay. , 1991, Journal of the experimental analysis of behavior.

[8]  George Loewenstein,et al.  The fall and rise of psychological explanations in the economics of intertemporal choice. , 1992 .

[9]  G. Loewenstein,et al.  Anomalies in Intertemporal Choice: Evidence and an Interpretation , 1992 .

[10]  H. Rachlin,et al.  The effect of temporal constraints on the value of money and other commodities , 1993 .

[11]  L. Green,et al.  Discounting of Delayed Rewards: A Life-Span Comparison , 1994 .

[12]  L. Green,et al.  Discounting of delayed rewards: Models of individual choice. , 1995, Journal of the experimental analysis of behavior.

[13]  K. Kirby,et al.  Modeling Myopic Decisions: Evidence for Hyperbolic Delay-Discounting within Subjects and Amounts , 1995 .

[14]  Gene M. Heyman,et al.  Resolving the contradictions of addiction , 1996, Behavioral and Brain Sciences.

[15]  Joel Myerson,et al.  Exponential Versus Hyperbolic Discounting of Delayed Outcomes: Risk and Waiting Time , 1996 .

[16]  W K Bickel,et al.  Impulsive and self-control choices in opioid-dependent patients and non-drug-using control participants: drug and monetary rewards. , 1997, Experimental and clinical psychopharmacology.

[17]  L. Green,et al.  Rate of temporal discounting decreases with amount of reward , 1997, Memory & cognition.

[18]  R. Vuchinich,et al.  Hyperbolic temporal discounting in social drinkers and problem drinkers. , 1998, Experimental and clinical psychopharmacology.

[19]  R L Shull,et al.  Statistical inference in behavior analysis: Discussant’s remarks , 1999, The Behavior analyst.

[20]  M N Branch.  Statistical inference in behavior analysis: Some things significance testing does and does not do , 1999, The Behavior analyst.

[21]  Statistical inference in behavior analysis: Friend or foe? , 1999, The Behavior analyst.

[22]  M Perone,et al.  Statistical inference in behavior analysis: Experimental control is better , 1999, The Behavior analyst.

[23]  N A Ator,et al.  Statistical inference in behavior analysis: Environmental determinants? , 1999, The Behavior analyst.

[24]  S. Mitchell,et al.  Measures of impulsivity in cigarette smokers and non-smokers , 1999, Psychopharmacology.

[25]  L. Green,et al.  Discounting of delayed rewards across the life span: age differences in individual discounting functions , 1999, Behavioural Processes.

[26]  L Green,et al.  Amount of reward has opposite effects on the discounting of delayed and probabilistic outcomes. , 1999, Journal of experimental psychology. Learning, memory, and cognition.

[27]  R. Grace,et al.  The Matching Law And Amount-dependent Exponential Discounting As Accounts Of Self-control Choice. , 1999, Journal of the experimental analysis of behavior.

[28]  J Crosbie,et al.  Statistical inference in behavior analysis: Useful friend , 1999, The Behavior analyst.

[29]  N. Petry,et al.  Excessive discounting of delayed rewards in substance abusers with gambling problems. , 1999, Drug and alcohol dependence.

[30]  M Davison,et al.  Statistical inference in behavior analysis: Having my cake and eating it? , 1999, The Behavior analyst.

[31]  R. Vuchinich,et al.  Reliability of a Measure of Temporal Discounting , 2000 .

[32]  Faruk Gul,et al.  A Theory of Addiction , 2001 .