Measuring Impatience in Intertemporal Choice

PLoS One. 2016 Feb 18;11(2):e0149256. doi: 10.1371/journal.pone.0149256. eCollection 2016.

Abstract

In general terms, decreasing impatience means decreasing discount rates. This property has been usually referred to as hyperbolic discounting, although there are other discount functions which also exhibit decreasing discount rates. This paper focuses on the measurement of the impatience associated with a discount function with the aim of establishing a methodology to compare this characteristic for two different discount functions. In this way, first we define the patience associated with a discount function in an interval as its corresponding discount factor and consequently we deduce that the impatience at a given moment is the corresponding instantaneous discount rate. Second we compare the degree of impatience of discount functions belonging to the same or different families, by considering the cases in which the functions do or do not intersect.

Publication types

  • Research Support, Non-U.S. Gov't

MeSH terms

  • Algorithms
  • Humans
  • Impulsive Behavior*
  • Models, Psychological*

Grants and funding

This paper has been partially supported by the project “Valoracion de proyectos gubernamentales a largo plazo: obtencion de la tasa social de descuento”, reference: P09-SEJ-05404, Proyectos de Excelencia de la Junta de Andaluca and Fondos FEDER. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.