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Time and decision: introduction to the special issue
Author(s) -
Read Daniel,
Loewenstein George
Publication year - 2000
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/(sici)1099-0771(200004/06)13:2<141::aid-bdm347>3.0.co;2-u
Subject(s) - citation , george (robot) , library science , sociology , computer science , artificial intelligence
This special issue showcases cutting-edge contributions to the ®eld of intertemporal choice, which refers to tradeos between costs and bene®ts occurring at dierent points in time. Although intertemporal choice is a central aspect of decision theory and decision research Ð it is dicult to think of any important decision that lacks an intertemporal component Ð research on it emerged and ̄owered only in the last two decades. Until the 1980s, the discounted utility (DU) model, which was ®rst proposed by Samuelson in 1939 (see Loewenstein, 1992, for a historical discussion), was adopted uncritically by economists and decision theorists. Discounted Utility theory assumes that individuals discount future events at a constant rate, so that the value of an experience extended over time is given by: