A dynamic tradeoff model of intertemporal choice

Abstract

The delay discounting perspective, which assumes an\nalternative-wise processing of attribute information, has long\ndominated research on intertemporal choice. Recent studies,\nhowever, have suggested that intertemporal choice is based on\nattribute-wise comparison. This line of research culminated in\nthe tradeoff model (Scholten & Read, 2010; Scholten, Read,\n& Sanborn, 2014), which can accommodate most established\nbehavioral regularities in intertemporal choice. One drawback\nof the tradeoff model, however, is that it is static, providing\nno account of the dynamic process leading to a choice. Here\nwe develop a dynamic tradeoff model that can qualitatively\naccount for empirical findings in intertemporal choice\nregarding not only choices but also response times. The\ndynamic model also outperforms the original, static tradeoff\nmodel when quantitatively fitting choices from representative\ndata sets, and even outperforms the best-performing dynamic\nmodel derived from Decision Field Theory in Dai and\nBusemeyer (2014) when fitting both choices and response\ntimes.

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