Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.

The single parameter hyperbolic model has been frequently used to describe value discounting as a function of time and to differentiate substance abusers and non-clinical participants with the model's parameter k. However, k says little about the mechanisms underlying the observed differences....

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Main Authors: Jiuqing Cheng, Claudia González-Vallejo
Format: Article
Language:English
Published: Public Library of Science (PLoS) 2014-01-01
Series:PLoS ONE
Online Access:http://europepmc.org/articles/PMC4229090?pdf=render
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spelling doaj-446d71eee4634d53ab95300725d8ca632020-11-25T00:12:41ZengPublic Library of Science (PLoS)PLoS ONE1932-62032014-01-01911e11137810.1371/journal.pone.0111378Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.Jiuqing ChengClaudia González-VallejoThe single parameter hyperbolic model has been frequently used to describe value discounting as a function of time and to differentiate substance abusers and non-clinical participants with the model's parameter k. However, k says little about the mechanisms underlying the observed differences. The present study evaluates several alternative models with the purpose of identifying whether group differences stem from differences in subjective valuation, and/or time perceptions. Using three two-parameter models, plus secondary data analyses of 14 studies with 471 indifference point curves, results demonstrated that adding a valuation, or a time perception function led to better model fits. However, the gain in fit due to the flexibility granted by a second parameter did not always lead to a better understanding of the data patterns and corresponding psychological processes. The k parameter consistently indexed group and context (magnitude) differences; it is thus a mixed measure of person and task level effects. This was similar for a parameter meant to index payoff devaluation. A time perception parameter, on the other hand, fluctuated with contexts in a non-predicted fashion and the interpretation of its values was inconsistent with prior findings that supported enlarged perceived delays for substance abusers compared to controls. Overall, the results provide mixed support for hyperbolic models of intertemporal choice in terms of the psychological meaning afforded by their parameters.http://europepmc.org/articles/PMC4229090?pdf=render
collection DOAJ
language English
format Article
sources DOAJ
author Jiuqing Cheng
Claudia González-Vallejo
spellingShingle Jiuqing Cheng
Claudia González-Vallejo
Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
PLoS ONE
author_facet Jiuqing Cheng
Claudia González-Vallejo
author_sort Jiuqing Cheng
title Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
title_short Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
title_full Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
title_fullStr Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
title_full_unstemmed Hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
title_sort hyperbolic discounting: value and time processes of substance abusers and non-clinical individuals in intertemporal choice.
publisher Public Library of Science (PLoS)
series PLoS ONE
issn 1932-6203
publishDate 2014-01-01
description The single parameter hyperbolic model has been frequently used to describe value discounting as a function of time and to differentiate substance abusers and non-clinical participants with the model's parameter k. However, k says little about the mechanisms underlying the observed differences. The present study evaluates several alternative models with the purpose of identifying whether group differences stem from differences in subjective valuation, and/or time perceptions. Using three two-parameter models, plus secondary data analyses of 14 studies with 471 indifference point curves, results demonstrated that adding a valuation, or a time perception function led to better model fits. However, the gain in fit due to the flexibility granted by a second parameter did not always lead to a better understanding of the data patterns and corresponding psychological processes. The k parameter consistently indexed group and context (magnitude) differences; it is thus a mixed measure of person and task level effects. This was similar for a parameter meant to index payoff devaluation. A time perception parameter, on the other hand, fluctuated with contexts in a non-predicted fashion and the interpretation of its values was inconsistent with prior findings that supported enlarged perceived delays for substance abusers compared to controls. Overall, the results provide mixed support for hyperbolic models of intertemporal choice in terms of the psychological meaning afforded by their parameters.
url http://europepmc.org/articles/PMC4229090?pdf=render
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