Decision Sciences
6 years ago

New Study Reveals How Costs Impact Value of Rewards

1 view
The Psychological Record
On Four Types of Devaluation of Outcomes Due to Their Costs: Delay, Probability, Effort, and Social Discounting
Wojciech Białaszek, Paweł Ostaszewski, Leonard Green, Joel Myerson

Paper Summary

Discounting of outcomes decreases as their costs increase, including delay, probability, effort, and social factors. Larger rewards are discounted less steeply for delay and effort, but more steeply for probability and social factors. Individual and group differences in discounting are mostly separate processes and traits.

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