Difference between revisions 109097248 and 109097376 on dewiki

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Given two similar rewards, humans show a preference for one that arrives sooner rather than later. Humans are said to ''discount'' the value of the later reward, by a factor that increases with the length of the delay.  In [[behavioral economics]], '''hyperbolic discounting''' is a particular mathematical model thought to approximate this discounting process; that is, it models how humans actually make such valuations.  Hy(contracted; show full)uttons: button A provides a small amount of food quickly while button B provides more seed but after a delay.   The bird then experiments for a while and settles on preferring A or B.  With humans the typical experiment might ask: 'Would you prefer a dollar today or three dollars (today vs. tomorrow) or (in one year vs. in one year and one day)?"  Typically, subjects will take less money today versus tomorrow, but will gladly wait one extra day in a year in order to receive more money.<ref>
  [[Thaler, R. H]]. (1981): Some Empirical Evidence on Dynamic Inconsistency", . ''Economic Letters,'' 8, 201-07.⏎
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Subjects using hyperbolic discounting reveal a strong tendency to make choices that are inconsistent over time.  In other words, they make choices today that their future self would prefer not to make, despite using the same reasoning.  This dynamic inconsistency <ref>Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
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* Rachlin, H. (2000). ''The Science of Self-Control'' Cambridge;London: Harvard University Press
* Raineri,A., and Rachlin, H. (1993). The effect of temporal constraints on the value of money and other commodities. ''Journal of Behavioral Decision-Making, 6,'' 77-94.

[[Category:Cognitive biases]]
[[Category:Behavioral finance]]

[[pl:Hiperboliczne obniżenie wartości]]