Is the Value of Future Rewards Independent of Gains and Losses Concurrent with Intertemporal Choices?

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ORIGINAL ARTICLE

Is the Value of Future Rewards Independent of Gains and Losses Concurrent with Intertemporal Choices? Hugo E. Reyes-Huerta 1

&

Cristiano Valerio 2 & Rodrigo Carranza 3

# Association for Behavior Analysis International 2020

Abstract Delay discounting refers to the reduction in the value of an outcome as a consequence of the delay to its receipt. The rate at which a future event is discounted depends on several factors, but there is little evidence regarding the effects of consequences concurrent with an intertemporal choice. In this study, participants were exposed to a delay discounting task in which an immediate gain (upfront gains) or an immediate loss (upfront losses) was bundled with an intertemporal choice. In two experiments, we explored how the sign (gain or loss) and magnitude (relative and absolute) of the upfront affect discounting rate. Results of Experiment 1 suggest that only the introduction of a significant negative upfront reduced discounting in the small reward condition. In Experiment 2, increasing both the relative and absolute magnitude of the upfront reduced discounting. We discuss these results in terms of factors that modulate the effect of availability and absence of additional resources on discounting. Keywords Self-control . Delay discounting . Upfront effect . Income effect . Humans

Introduction In his dialogues, Plato argued that our health depends on the adequate choice between pain and pleasure and on which of these two aspects is more abundant and closer or further away. He argued that examining the excess or deficit of one relative to the other, or their respective equality, is a real science of measurement. The study of delay discounting may be such a science of measurement as it strives to quantify trade-offs between events that affect our well-being at different points in time: a higher discounting rate refers to a tendency to equate immediate smaller rewards (SS) with large rewards occurring at a later time (LL), biasing choice toward preference for less beneficial immediate rewards or rewards that are harmful in the future. For example, an addict will prefer the immediate effects of a drug * Hugo E. Reyes-Huerta [email protected] 1

Department of Psychology, Center for Social Sciences and Humanities, CONACYT – Autonomous University of Aguascalientes, Aguascalientes, Ags., México

2

University of Guadalajara, Guadalajara, Jal., Mexico

3

Department of Psychology, Center for Social Sciences and Humanities, Autonomous University of Aguascalientes, Aguascalientes, Ags., México

over the future benefits associated with abstinence (e.g., better health). In fact, the excessive discounting of delayed rewards has been repeatedly linked to maladaptive behavior in the longterm (Appelhans et al., 2011; de Wit, 2008; Critchfield & Kollins, 2001; Story, Vlaev, Seymour, Darzi, & Dolan, 2014). Some studies suggest that high discounting is a constrained response in contexts where resources are limited. For example, Green, Myerson, Lichtman, Rosen, and Fry (1996) showed th

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