Delay discounting occurs when a reward loses value as a function of delay. Episodic future thinking (EFT) reliably decreases delay discounting. EFT may share cognitive features with recalling episodic memories such as constructive episodic simulation. We therefore explored whether recalling episodic memories also reduces delay discounting. In Experiment 1, participants wrote about episodic memories and recalled those memories before completing a delay discounting task. Episodic memories reduced delay discounting according to one commonly used delay discounting measure (area under the curve) but not another (using the hyperbolic model). Experiment 2 compared the effects of general and episodic memories. Neither general nor episodic memories significantly decreased delay discounting compared with a control "counting" condition, but episodic memories reduced delay discounting compared with general memories under some conditions. In Experiment 3, episodic memories did not decrease delay discounting compared with three other control conditions while EFT did. Experiment 3 therefore found that thinking must be both episodic and future orientated to reduce delay discounting. Together, these results suggest that episodic thinking is not sufficient to reliably decrease delay discounting, rather, features unique to episodic future thinking are required. Episodic memory might reduce delay discounting in some contexts, but this effect is small and fragile.
Keywords: Delay discounting; episodic future thinking; episodic memory; order effects; semantic future thinking.