Difference between revisions of "Notes on discounting"

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<let name=keyname>2006-Rachlin</let>
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<let name=author>Rachlin, H.</let>
<let name=year>2006</let>
<let name=ref>Rachlin 2006</let>
<let name=title>Notes on discounting</let>
<let name=source>''Journal of the Experimental Analysis of Behavior'', 85, 425-435</let>
<let name=abstract>In general, if a variable can be expressed as a function of its own maximum value, that function may be called a discount function. Delay discounting and probability discounting are commonly studied in psychology, but memory, matching, and economic utility also may be viewed as discounting processes. When they are so viewed, the discount function obtained is hyperbolic in form. In some cases the effective discounting variable is proportional to the physical variable on which it is based. For example, in delay discounting, the physical variable, delay (''D''), may enter into the hyperbolic equation as ''kD''. In many cases, however, the discounting data are not well described with a single-parameter discount function. A much better fit is obtained when the effective variable is a power function of the physical variable (''kD<sup>s</sup>'' in the case of delay discounting). This power-function form fits the data of delay, probability, and memory discounting as well as other two-parameter discount functions and is consistent with both the generalized matching law and maximization of a constant-elasticity-of-substitution utility function.</let>


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[[author::Rachlin, H.]]
[[year::2006]]
[[cite/author::Rachlin 2006]]
[[title::Notes on discounting]]
[[published in::Journal of the Experimental Analysis of Behavior]]
[[cite/source::''Journal of the Experimental Analysis of Behavior'', 85, 425-435]]
 
<call func=smw.let.echo key=abstract>In general, if a variable can be expressed as a function of its own maximum value, that function may be called a discount function. Delay discounting and probability discounting are commonly studied in psychology, but memory, matching, and economic utility also may be viewed as discounting processes. When they are so viewed, the discount function obtained is hyperbolic in form. In some cases the effective discounting variable is proportional to the physical variable on which it is based. For example, in delay discounting, the physical variable, delay (''D''), may enter into the hyperbolic equation as ''kD''. In many cases, however, the discounting data are not well described with a single-parameter discount function. A much better fit is obtained when the effective variable is a power function of the physical variable (''kD<sup>s</sup>'' in the case of delay discounting). This power-function form fits the data of delay, probability, and memory discounting as well as other two-parameter discount functions and is consistent with both the generalized matching law and maximization of a constant-elasticity-of-substitution utility function.</call>
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Author
Rachlin, H. +
Cite/author
Rachlin 2006 +
Cite/source
Journal of the Experimental Analysis of Behavior, 85, 425-435 +
Keyname
2006-Rachlin +
Published in
Journal of the Experimental Analysis of Behavior +
Title
Notes on discounting +
Year
2006 +