Rate maximization and hyperbolic discounting in human experiential intertemporal decision making

Maayke Suzanne Seinstra, Manuela Sellitto and Tobias Kalenscher

Behavioral Ecology, 2018, vol. 29, issue 1, 193-203

Abstract: We experimentally show that during decisions between smaller-sooner and larger-later monetary rewards, devaluing future rewards meets and serves evolutionary principles of long-term reward rate maximization in human participants. The present data thus reconcile the economically flavored theory implying that choices are based on the incremental devaluation of reward as the time of its receipt passes, and the account rooted in behavioral ecology that predicts that choices should maximize reward rate in the long run.

Keywords: hyperbolic discounting; intertemporal choice; preference reversal; reward rate maximization (search for similar items in EconPapers)
Date: 2018
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