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Anomalies in intertemporal choice e.g. hyperbolic discounting, subadditive discounting, a sign effect, a magnitude effect, and a delay-speedup asymmetry have been investigated in neuroeconomics and behavioral neuroeconomics. In this study we propose a -tempospect- theory of intertemporal choice which can account for these anomalies in intertemporal choice. The key features of the present theory are: 1 decision over time is made with psychological time; and 2 psychological time is determined by a change in delay until receipt i.e., positive or negative time-interval between options; 3 psychological time is less sensitive to a decrease in delay in comparison to an increase in delay; and 4 psychological time is influenced by the sign and magnitude of the delayed outcomes. Implications of the present theory for neuroeconomics are discussed.

KEYWORDS

Time Discounting; Psychological Time; Psychophysics; Behavioral Economics;Neuroeconomics

Cite this paper

Takahashi, T. & Han, R. 2012. Tempospect Theory of Intertemporal Choice. Psychology, 3, 555-557. doi: 10.4236-psych.2012.38082.





Autor: Taiki Takahashi, Ruokang Han

Fuente: http://www.scirp.org/



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