Decision-Making With Long-Term Consequences: Temporal Discounting for Single and Multiple Outcomes in the Future.
Final rept. Aug 89-Jul 92,
PURDUE RESEARCH FOUNDATION LAFAYETTE IN
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The consequences of a decision may be characterized as positive or negative, certain or uncertain, and as immediate or deferred. The first two attributes have been studied extensively. The impact of future consequences has received much less attention and is the focus of the current studies. Although temporal discounting is expected, by most normative models, to occur as a function of time, an impirical comparison of the discounting function, applied to singular and multiple outcomes described in this paper, contradicts this expectation in one domain.