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The single parameter hyperbolic model has been frequently used to describe value discounting as a function of time and to differentiate substance abusers and non-clinical participants with the model's parameter k. However, k says little about the mechanisms underlying the observed differences. The present study evaluates several alternative models with the purpose of identifying whether group differences stem from differences in subjective valuation, and/or time perceptions. Using three two-parameter models, plus secondary data analyses of 14 studies with 471 indifference point curves, results demonstrated that adding a valuation, or a time perception function led to better model fits. However, the gain in fit due to the flexibility granted by a second parameter did not always lead to a better understanding of the data patterns and corresponding psychological processes. The k parameter consistently indexed group and context (magnitude) differences; it is thus a mixed measure of person and task level effects. This was similar for a parameter meant to index payoff devaluation. A time perception parameter, on the other hand, fluctuated with contexts in a non-predicted fashion and the interpretation of its values was inconsistent with prior findings that supported enlarged perceived delays for substance abusers compared to controls. Overall, the results provide mixed support for hyperbolic models of intertemporal choice in terms of the psychological meaning afforded by their parameters.
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