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Time Descounting and Decision Making

In: Behavioral Decision Theory

Author

Listed:
  • Kazuhisa Takemura

    (Waseda University)

Abstract

This chapter provides an overview of the phenomenon and theoretical issues of time discountingTime discounting. Time discounting refers to the extent to which the future value of a reward (delayed reward) is perceived to be lower than its present value (immediate reward), and the reduction effect of delay time on behavioral choicesChoice. Many people consider future rewards to be discounted from present rewards, but if the degree of discounting is low, they can tolerate future rewards. This chapter considers empirical research on time discountingTime discounting and its theory. In experimental psychological research on animals, this issue of time discountingTime discounting is often discussed in terms of the so-called matching lawMatching law regarding the relationship between the distribution of reward offers and choiceChoice behaviors. This chapter also discuss this mathcing law in a generalized form and discuss its relationship to time discounting. Furthermore, this chapter discusses probability weighting functionsProbability weighting function which are postulated in prospect theoryProspect theory, in a unified manner, and reviews neuroscientific research on time discounting.

Suggested Citation

  • Kazuhisa Takemura, 2021. "Time Descounting and Decision Making," Springer Books, in: Behavioral Decision Theory, edition 2, chapter 0, pages 209-241, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-5453-4_15
    DOI: 10.1007/978-981-16-5453-4_15
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