期刊
JOURNAL OF EXPERIMENTAL PSYCHOLOGY-LEARNING MEMORY AND COGNITION
卷 29, 期 1, 页码 66-+出版社
AMER PSYCHOLOGICAL ASSOC
DOI: 10.1037/0278-7393.29.1.66
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资金
- NIMH NIH HHS [MH55262] Funding Source: Medline
- NATIONAL INSTITUTE OF MENTAL HEALTH [R29MH055262] Funding Source: NIH RePORTER
Research has consistently found that the decline in the present values of delayed rewards as delay increases is better fit by hyperbolic than by exponential delay-discounting functions. However, concave utility, transaction costs, and risk each could produce hyperbolic-looking data, even when the underlying discounting function is exponential. In Experiments 1 (N = 45) and 2 (N = 103), participants placed bids indicating their present values of real future monetary rewards in computer-based 2nd-price auctions. Both experiments suggest that utility is not sufficiently concave to account for the superior fit of hyperbolic functions. Experiment 2 provided no evidence that the effects of transaction costs and risk are large enough to account for the superior fit of hyperbolic functions.
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