A discounting framework for choice with delayed and probabilistic rewards.

@article{citeulike:92697, abstract = {When choosing between delayed or uncertain outcomes, individuals discount the value of such outcomes on the basis of the expected time to or the likelihood of their occurrence. In an integrative review of the expanding experimental literature on discounting, the authors show that although the same form of hyperbola-like function describes discounting of both delayed and probabilistic outcomes, a variety of recent findings are inconsistent with a single-process account. The authors also review studies that compare discounting in different populations and discuss the theoretical and practical implications of the findings. The present effort illustrates the value of studying choice involving both delayed and probabilistic outcomes within a general discounting framework that uses similar experimental procedures and a common analytical approach.}, address = {Department of Psychology, Washington University, St. Louis, MO 63130, USA. lgreen@wustl.edu}, author = {Green, L. and Myerson, J. }, citeulike-article-id = {92697}, doi = {10.1037/0033-2909.130.5.769}, issn = {0033-2909}, journal = {Psychol Bull}, keywords = {discounting, human, review, uncertainty}, month = {September}, number = {5}, pages = {769--792}, posted-at = {2005-02-10 18:04:21}, priority = {2}, title = {A discounting framework for choice with delayed and probabilistic rewards.}, url = {http://dx.doi.org/10.1037/0033-2909.130.5.769}, volume = {130}, year = {2004} }

TY - JOUR ID - citeulike:92697 L3 - citeulike-article-id:92697 TI - A discounting framework for choice with delayed and probabilistic rewards. JF - Psychol Bull VL - 130 IS - 5 SP - 769 EP - 792 AD - Department of Psychology, Washington University, St. Louis, MO 63130, USA. lgreen@wustl.edu SN - 0033-2909 N2 - When choosing between delayed or uncertain outcomes, individuals discount the value of such outcomes on the basis of the expected time to or the likelihood of their occurrence. In an integrative review of the expanding experimental literature on discounting, the authors show that although the same form of hyperbola-like function describes discounting of both delayed and probabilistic outcomes, a variety of recent findings are inconsistent with a single-process account. The authors also review studies that compare discounting in different populations and discuss the theoretical and practical implications of the findings. The present effort illustrates the value of studying choice involving both delayed and probabilistic outcomes within a general discounting framework that uses similar experimental procedures and a common analytical approach. KW - discounting KW - human KW - review KW - uncertainty AU - Green, L AU - Myerson, J PY - 2004/09// UR - http://dx.doi.org/10.1037/0033-2909.130.5.769 ER -