Hyperbolic discounting of delayed social interaction

Abstract

The temporal discounting literature has demonstrated that the loss in value for delayed outcomes is most accurately modeled using a hyperbolic discounting equation. The hyperbolic-shaped function not only describes the shape of discounting for monetary outcomes, but also for other tangibles, such as alcohol, candy, CDs, erotica, cigarettes, cocaine, books, and DVDs. Furthermore, this hyperbolic shape has important theoretical implications. Despite the broad list of outcomes that are hyperbolically discounted, one class of outcomes has only recently received attention: social interactions. For the present study, we used standard binary-choice discounting procedures to explore the function that most accurately describes the change in value of delayed social interactions. The results from the present study suggest that, for 93 participants, the same equations (exponential, hyperbolic, and hyperboloid) used to describe the discounting of nonsocial commodities also describe the relation between delay and the value of social interaction. Similar to previous findings for nonsocial outcomes, the hyperbolic-shaped models provide a fit to the data superior to that of the exponential model. © 2012 Psychonomic Society, Inc.