Cited by 1,165Decision-Making and Behavioral EconomicsNeural and Behavioral Psychology StudiesFinancial Literacy, Pension, Retirement Analysis

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Discounting of Delayed Rewards: A Life-Span Comparison

Green, Leonard, Fry, Astrid F, Myerson, Joel·1994·Psychological Science

DOI 10.1111/j.1467-9280.1994.tb00610.x

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Abstract

In this study, children, young adults, and older adults chose between immediate and delayed hypothetical monetary rewards The amount of the delayed reward was held constant while its delay was varied All three age groups showed delay discounting, that is, the amount of an immediate reward judged to be of equal value to the delayed reward decreased as a function of delay The rate of discounting was highest for children and lowest for older adults, predicting a life-span developmental trend toward increased self-control Discounting of delayed rewards by all three age groups was well described by a single function with age-sensitive parameters (all R 2 s > 94) Thus, even though there are quantitative age differences in delay discounting, the existence of an age-invariant form of discount function suggests that the process of choosing between rewards of different amounts and delays is qualitatively similar across the life span

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Authors: Green, L., Fry, A. F., & Myerson, J.
Affiliations: Washington University in St. Louis (US)
ORCID: Green, Leonard
Myerson, Joel
Venue: Psychological Science
Publisher: SAGE Publications
Published: 1994-01
Volume: 5
Issue: 1
Pages: 33-36
ISSN: 0956-7976 (ISSN-L)
1467-9280
DOI: 10.1111/j.1467-9280.1994.tb00610.x
OpenAlex: W2131954887
Cited by: 1,165
References: 19
Citations by year: 2026: 19 · 2025: 40 · 2024: 28 · 2023: 32 · 2022: 34 · 2021: 51 · 2020: 90 · 2019: 42 · 2018: 53 · 2017: 54 · 2016: 61 · 2015: 65 · 2014: 55 · 2013: 46 · 2012: 62
FWCI: 28.67
Type: journal article
Language: en
Open access: closed
Licence: journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations: Psychological Science (publishedVersion)
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 › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
Keywords: delay discounting, delayed rewards, lifespan development, self-control, age differences, children, young adults, older adults, monetary rewards

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Discounting of Delayed Rewards: A Life-Span Comparison

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