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The Additive Property Of The Inconsistency Degree In Intertemporal Decision Making Through The Generalization Of Psychophysical Laws

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Executive Summary

Intertemporal decision making involves choices among options whose effects occur at different moments. These choices are influenced not only by the effect of rewards value perception at different moments, but also by the time perception effect. One of the main difficulties that affect standard experiments involving intertemporal choices is the simultaneity of both effects on time discounting. In this paper, the authors unify the psycophysical laws and discount value functions using the one-parameter exponential and logaritmic functions from nonextensive statistical mechanics. Also, they propose to measure the degree of inconsistency.

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