This chapter presents the theoretical framework that has emerged from research on delay discounting and probability discounting. It summarizes findings regarding the discounting of delayed rewards and the discounting of probabilistic rewards from the perspective of this framework, and discusses the similarities and differences between these two types of discounting when the outcomes are positive. This is followed by consideration of the discounting of delayed and probabilistic losses, and the similarities and differences between the discounting of losses and the discounting of gains. The chapter reviews the relevant literature on discounting by nonhuman animals and similarities and differences with the human literature. It considers the implications of current findings for our understanding of the processes and traits that underlie discounting and present evidence for multiple “impulsivities.” The chapter discusses the future of discounting research, including the emerging field of social discounting and the neuroeconomic approach to decision making.
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