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Direct linkLuhmann, Christian C. – Journal of Experimental Psychology: Learning, Memory, and Cognition, 2013
Delay discounting refers to decision-makers' tendency to value immediately available goods more than identical goods available only after some delay. In violation of standard economic theory, decision-makers frequently exhibit dynamic inconsistency; their preferences change simply due to the passage of time. The standard explanation for this…
Descriptors: Decision Making, Delay of Gratification, Rewards, Experimental Psychology
