Cited by 591Decision-Making and Behavioral EconomicsExperimental Behavioral Economics StudiesNeural and Behavioral Psychology Studies

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Preference Reversals Due to Myopic Discounting of Delayed Reward

Kirby, Kris N., Herrnstein, R.J.·1995·Psychological Science

DOI 10.1111/j.1467-9280.1995.tb00311.x

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Abstract

A basic stationarity axiom of economic theory assumes stable preference between two deferred goods separated by a fixed time To test this assumption, we offered subjects choices between delayed rewards, while manipulating the delays to those rewards Preferences typically reversed with changes in delay, as predicted by hyperbolic discounting models of impulsiveness Of 36 subjects, 34 reversed preference from a larger, later reward to a smaller, earlier reward as the delays to both rewards decreased We conclude that the stationarity axiom is not appropriate in models of human choice

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Authors: Kirby, K. N., & Herrnstein, R. J.
Affiliations: Williams College (US)
Harvard University (US)
Corresponding author: Kirby, Kris N.
Venue: Psychological Science
Publisher: SAGE Publications
Published: 1995-03
Volume: 6
Issue: 2
Pages: 83-89
ISSN: 0956-7976 (ISSN-L)
1467-9280
DOI: 10.1111/j.1467-9280.1995.tb00311.x
OpenAlex: W2135574561
Cited by: 591
References: 32
Citations by year: 2026: 11 · 2025: 30 · 2024: 5 · 2023: 14 · 2022: 21 · 2021: 17 · 2020: 21 · 2019: 24 · 2018: 28 · 2017: 21 · 2016: 23 · 2015: 23 · 2014: 26 · 2013: 34 · 2012: 26
FWCI: 6.46
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
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Experimental Behavioral Economics Studies
Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
Keywords: preference reversal, hyperbolic discounting, delayed rewards, impulsivity, time preference, intertemporal choice, delay sensitivity

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Preference Reversals Due to Myopic Discounting of Delayed Reward

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