People discount the value of delayed and uncertain outcomes, and how steeply individuals discount is thought to reflect how impulsive they are. From this perspective, steep discounting of delayed outcomes (which fails to maximize long-term welfare) and shallow discounting of probabilistic outcomes (which fails to adequately take risk into account)…

The purpose of this review is to introduce the reader to the concepts of delay and probability discounting as well as the major empirical findings to emerge from research with humans on these concepts. First, we review a seminal discounting study by Rachlin, Raineri, and Cross (1991) as well as an influential extension of this study by Madden,…

The Stoplight Task, a procedure involving a computer analog of a stoplight, was evaluated for assessing risk taking in humans. Seventeen participants earned points later exchangeable for money by completing a response requirement before the red light appeared on a simulated traffic light. The green light signaled to start responding; it changed to…