| Abstract: | Temporal discounting refers to the reduction in the present subjective value of an outcome as a function of the temporal distance to that outcome. Though a number of mathematical models have been proposed to describe this time/value relationship, this search has largely excluded insights from the literature on memory decay. This study examines the utility of memory decay models by comparing the fits of 4 of these models to fits from established temporal discounting models using past and future temporal discounting data. These results (a) suggest that a single model describes valuation of both future and past outcomes; (b) indicate the exponential-power model, from memory decay literature, is statistically superior in fitting discounting data from both past and future outcomes; and (c) support the advancing perspective of the psychological interconnectedness of the future and past. (PsycINFO Database Record (c) 2010 APA, all rights reserved) |
