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Delay discounting is a behavioral phenomenon that affects many situations people encounter Delay discounting refers to the fact that temporally proximal rewards are more highly valued than temporally distal rewards. That is, the value of rewards decline with delays. This is an important process because many choices that people make involve a tradeoff between immediate low quality outcomes (e.g., a piece of cheesecake after dinner) and delayed high quality outcomes (e.g., long-term health). Delay discounting has also been observed in a variety of species in addition to humans2,3, including monkeys4,5, rats6,7, and pigeons8.
Individual differences in degree of discounting have been linked to various maladaptive behaviors9. The value of rewards declines as a function of delay according to a hyperbolic decay function8. With hyperbolic decay, value decreases extensively with relatively short delays, but decreases proportionally less so across relatively long delays. Mazur's finding that value degrades hyperbolically as a function of delay is important, because the hyperbolic function is able to predict preference reversals where other theoretical functions cannot without additional assumptions. Preference reversals are a well-documented finding10-12 that preference for a small reward available relatively soon (SSR) over a larger reward available at a relatively distal point in the future (LLR) will reverse if a common delay is added to both alternatives. For example, if, while driving home from work, a feeling of hunger suddenly hits, a person may be inclined to stop at the first fast food restaurant in sight for a relatively unhealthy snack as opposed to waiting until they get home for a piece of fruit or some other high quality snack. If, however, the hunger hits while still at work, when the person still has to walk to their car and drive down the road before approaching the fast food restaurant, they are more likely to decide to wait until they get home for the fruit.
The steepness with which rewards decline in value as a function of delay can be considered a measure of an organism's choice impulsivity. Choice impulsivity can be defined as a preference for SSR over LLR13,14.Higher degrees of impulsive choice are linked to use and abuse of various drugs such as alcohol15,16, cigarettes17,18, cocaine19, heroin20,21, and methamphetamine22. Higher degrees of impulsive choice are also linked to problematic gambling23, obesity24,25, and poor health and personal safety choices26.
Various tasks can be used to assess delay discounting in humans. For instance, participants could be asked to make decisions between alternatives and experience some or all of the consequences associated with their choice (real reward task27,28) or they could be asked to make decisions between hypothetical alternatives, in which case they would not actually experience the consequences associated with their choice (hypothetical reward task1-3,9,15-19,25,29). Similar degrees of discounting are generally observed regardless of whether the reward and delays are real or hypothetical30. The method of administering delay-discounting tasks differs across studies. For example, various laboratories have administered the task using a fill-in-the-blank questionnaire31, a multiple-choice questionnaire32, an adjusting amount procedure33, and a monetary choice questionnaire34. The adjusting amount task, originally developed by Du, Green, and Myerson33, and used extensively in our laboratory, provides several benefits. Once the task is programmed data collection is automated, limiting human error throughout the process. Due to the adjusting nature of the task, indifference points are reached with relatively few questions, which minimizes the time participants are required to be in the and laboratory and limits boredom. Importantly, the task provides detailed and reliable data. The adjusting amount task will be detailed below.