Cited by 149Decision-Making and Behavioral EconomicsNeural and Behavioral Psychology StudiesExperimental Behavioral Economics Studies

TOWARDS A GENERAL MODEL OF TEMPORAL DISCOUNTING

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van den Bos, Wouter, McClure, Samuel M.·2013·Journal of the Experimental Analysis of Behavior

Abstract

Psychological models of temporal discounting have now successfully displaced classical economic theory due to the simple fact that many common behavior patterns, such as impulsivity, were unexplainable with classic models. However, the now dominant hyperbolic model of discounting is itself becoming increasingly strained. Numerous factors have arisen that alter discount rates with no means to incorporate the different influences into standard hyperbolic models. Furthermore, disparate literatures are emerging that propose theoretical constructs that are seemingly independent of hyperbolic discounting. We argue that, although hyperbolic discounting provides an eminently useful quantitative measure of discounting, it fails as a descriptive psychological model of the cognitive processes that produce intertemporal preferences. Instead, we propose that recent contributions from cognitive neuroscience indicate a path for developing a general model of time discounting. New data suggest a means by which neuroscience‐based theory may both integrate the diverse empirical data on time preferences and merge seemingly disparate theoretical models that impinge on time preferences.

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  • Striatal circuits are divided into a ventral valuation network and a dorsal control network.

    “striatal circuits are divided into two networks: a ventral valuation network that is involved in representing the incentive value of the different options, and a dorsal control network that is involved in maintaining future goals and inhibiting prepotent responses (18, 24).”

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  1. Ainslie GW (1992). Picoeconomics. New York: Cambridge University Press.

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Authors
van den Bos, W., & McClure, S. M.
Affiliations
  • Stanford University
  • Stanford University (US)
Corresponding author
McClure, Samuel M.
Venue
Journal of the Experimental Analysis of Behavior
Publisher
Wiley
Published
2012-12-05
Volume
99
Issue
1
Pages
58-73
ISSN
  • 0022-5002 (ISSN-L)
  • 1938-3711
OpenAlex
W2133964068
Cited by
149
References
108
Citations by year
2026: 13 · 2025: 8 · 2024: 11 · 2023: 10 · 2022: 8 · 2021: 12 · 2020: 17 · 2019: 10 · 2018: 6 · 2017: 14 · 2016: 8 · 2015: 17 · 2014: 9 · 2013: 4 · 2012: 1
FWCI
7.72
Type
journal article
Language
en
Open access
Locations
  • Journal of the Experimental Analysis of Behavior (publishedVersion)
  • PubMed (publishedVersion)
  • PubMed Central (acceptedVersion)
Funders
  • U.S. Public Health Service (R03 032580)
  • National Institute of Mental Health (R01MH091068)
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
  • Social Sciences › Safety Research › Experimental Behavioral Economics Studies
Keywords
delay discounting, hyperbolic discounting, intertemporal choice, impulsivity, time preference, cognitive neuroscience, discount rate
MeSH terms
Brain, Choice Behavior, Decision Making, Humans, Judgment, Models, Psychological, Time Factors

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