Hyperbolic Discounting Emerges from the Scalar Property of Interval Timing

@inproceedings{Cui2011HyperbolicDE,
  title={Hyperbolic Discounting Emerges from the Scalar Property of Interval Timing},
  author={Xu Cui},
  booktitle={Front. Integr. Neurosci.},
  year={2011}
}
Ten dollars today is more attractive than the same amount of money tomorrow and is consistent with the well known proverb, “a bird in the hand is worth two in the bush.” We all know that the value of a reward is discounted over time. How the value discounts over time and what is the rationale for such discounting, however, is less clear. Classical economic theory has assumed an exponential form of discounting which has been repeatedly shown insufficient for explaining the data(Frederick and… CONTINUE READING
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