Magnitude effect contributes to the domain specificity in delay discounting

Abstract

Abstract Discounting is a useful framework for understanding temporal choices. A person who prefers $50 immediately over $100 in 1 month exhibits a higher discount rate than a person deciding to wait for the higher payoff. Although previous research shows that discount rates are domain‐specific, we propose an alternative to the domain specificity account. We suggest that differences in discounting alternatives across various domains may result not so much from the domains' nature per se but from differences in perceived attractiveness of the discounted alternatives. We replicated that an illustrative study evidencing domain specificity in discounting (Experiment 1) showed that people's subjective values of the payoffs in domains discounted in this experiment were different (Experiment 2) and used a novel method to match the attractiveness of the available alternatives across domains (Experiment 3). Finally, Experiment 4 showed that when matching was applied, the domain effect disappeared. We conclude that a magnitude effect can, at least partially, explain domain specificity in delay discounting.

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