DELAY DISCOUNTING OF HYPOTHETICAL AND REAL MONEY: THE EFFECT OF HOLDING REINFORCEMENT RATE CONSTANT

Mark R. Dixon · Nicholas Mui Ker Lik · Leonard Green · Joel Myerson

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Decision-Making and Behavioral Economics Behavioral and Psychological Studies Neural and Behavioral Psychology Studies

Abstract

We examined the effect of holding reinforcement rate constant on delay discounting of hypothetical and real money when delays were actually experienced. In some conditions, participants were required to wait for the delayed rewards, and in some conditions, reinforcement rate was held constant by adding blackout periods after immediate rewards. Typical discounting occurred with the standard procedure and when there were no blackouts, but not when we held rate of reinforcement constant. Real and hypothetical money produced the same outcomes.

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2004A Discounting Framework for Choice With Delayed and Probabilistic Rewards.2001AREA UNDER THE CURVE AS A MEASURE OF DISCOUNTING 2001TEMPORAL DISCOUNTING: BASIC RESEARCH AND THE ANALYSIS OF SOCIALLY IMPORTANT BEHAVIOR 2005Delay discounting of real and hypothetical rewards III: Steady-state assessments, forced-choice trials, and all real rewards 2004Measuring state changes in human delay discounting: an experiential discounting task 2007Discounting of Monetary and Directly Consumable Rewards 2009Are people really more patient than other animals? Evidence from human discounting of real liquid rewards 2006The Experiential Discounting Task is sensitive to cigarette-smoking status and correlates with a measure of delay discounting

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