The present study tested whether participants would discount "won" money differently than they would "owed" money in a probability-discounting task. Participants discounted $1000 or $100,000 that they had won in a sweepstakes or that was owed to them using the multiple-choice (Experiment 1) or fill-in-the-blank (Experiment 2) method of collecting…

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 value of an outcome is affected both by the delay until its receipt (delay discounting) and by the likelihood of its receipt (probability discounting). Despite being well-described by the same hyperboloid function, delay and probability discounting involve fundamentally different processes, as revealed, for example, by the differential effects…

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,…

Parallel experiments with rats and pigeons examined reasons for previous findings that in choices with probabilistic delayed reinforcers, rats' choices were affected by the time between trials whereas pigeons' choices were not. In both experiments, the animals chose between a standard alternative and an adjusting alternative. A choice of the…

Pigeons' discounting of probabilistic and delayed food reinforcers was studied using adjusting-amount procedures. In the probability discounting conditions, pigeons chose between an adjusting number of food pellets contingent on a single key peck and a larger, fixed number of pellets contingent on completion of a variable-ratio schedule. In the…

Sixty college students performed three discounting tasks: probability discounting of gains, probability discounting of losses, and delay discounting of gains. Each task used an adjusting-amount procedure, and participants' choices affected the amount and timing of their remuneration for participating. Both group and individual discounting…

The present study explored the delay discounting of future and past monetary rewards by pathological gamblers. Using a multiple baseline design, following repeated exposure to choices between smaller immediate and larger delayed consequences, participants completed a relational responding task that attempted to alter the psychological functions of…

Goods remote in temporal, spatial, or social distance, or in likelihood, exert less control over our behavior than those more proximate. The decay of influence with distance, of perennial interest to behavioral economists, has had a renaissance in the study of delay discounting. By developing discount functions from marginal utilities, this…

When behavior suggests that the value of a reinforcer depends inversely on the value of the events that precede or follow it, the behavior has been described as a "contrast" effect. Three major forms of contrast have been studied: "incentive contrast," in which a downward (or upward) shift in the magnitude of reinforcement produces a relatively…

In general, if a variable can be expressed as a function of its own maximum value, that function may be called a discount function. Delay discounting and probability discounting are commonly studied in psychology, but memory, matching, and economic utility also may be viewed as discounting processes. When they are so viewed, the discount function…

Experiment 1 investigated the controlling properties of variability contingencies on choice between repeated and variable responding. Pigeons were exposed to concurrent-chains schedules with two alternatives. In the REPEAT alternative, reinforcers in the terminal link depended on a single sequence of four responses. In the VARY alternative, a…

Previous experiments have shown that unsignaled delayed reinforcement decreases response rates and resistance to change. However, the effects of different delays to reinforcement on underlying response structure have not been investigated in conjunction with tests of resistance to change. In the present experiment, pigeons responded on a…

This study focused on the processes occurring during the waiting period in delay of gratification situations. Sixty-four middle class preschool children chose between waiting for a preferred item and receiving a less desired item immediately. The items were of different classes, i. e., one food and one toy, and subjects waited with one, both, or…