The Value of Emotion: How Does Episodic Prospection Modulate Delay Discounting?

Background

Humans often show impatience when making intertemporal choice for monetary rewards, preferring small rewards delivered immediately to larger rewards delivered after a delay, which reflects a fundamental psychological principle: delay discounting. However, we propose that episodic prospection humans can vividly envisage exerts a strong and broad influence on individuals'' delay discounting. Specifically, episodic prospection may affect individuals'' intertemporal choice by the negative or positive emotion of prospection.

Methodology/Principal Findings

The present study explored how episodic prospection modulated delay discounting by emotion. Study 1 showed that participants were more inclined to choose the delayed but larger rewards when they imaged positive future events than when they did not image events; Study 2 showed that participants were more inclined to choose the immediate but smaller rewards when they imaged negative future events than when they did not image events; In contrast, study 3 showed that choice preferences of participants when they imaged neutral future events were the same as when they did not image events.

Conclusions/Significance

By manipulating the emotion valence of episodic prospection, our findings suggested that positive emotion made individuals tend to choose delayed rewards, while negative emotion made individuals tend to choose immediate rewards. Only imaging events with neutral emotion did not affect individuals'' choice preference. Thus, the valence of imaged future events'' emotion might play an important role in individuals'' intertemporal choice. It is possible that the valence of emotion may affect the changed direction (promote or inhibit) of individuals'' delay discounting, while the ability to image future events affects the changed degree of individuals'' delay discounting.     

Humans can adopt optimal discounting strategy under real-time constraints

Critical to our many daily choices between larger delayed rewards, and smaller more immediate rewards, are the shape and the steepness of the function that discounts rewards with time. Although research in artificial intelligence favors exponential discounting in uncertain environments, studies with humans and animals have consistently shown hyperbolic discounting. We investigated how humans perform in a reward decision task with temporal constraints, in which each choice affects the time remaining for later trials, and in which the delays vary at each trial. We demonstrated that most of our subjects adopted exponential discounting in this experiment. Further, we confirmed analytically that exponential discounting, with a decay rate comparable to that used by our subjects, maximized the total reward gain in our task. Our results suggest that the particular shape and steepness of temporal discounting is determined by the task that the subject is facing, and question the notion of hyperbolic reward discounting as a universal principle.     

Parameters of delay discounting assessment: number of trials, effort, and sequential effects.

Procedural variants in estimating delay discounting (DD) have been shown to yield significant within-subject differences in estimated degree of delay discounting as well as variations in the patterns of choice. The purpose of this study was to evaluate the effect of subject control over the number of trials in a delay discounting task, on degree of delay discounting. Participants were assessed with two computerized DD assessments: the full-length method presented participants with a fixed set of 240 trials, and the abbreviated task, where once participants had shown indifference between the immediate and delayed rewards, the remaining trials for that delay value were omitted. While the full-length and abbreviated methods did not differentially affect patterns of choice or estimated delay discounting, the order of presentation (ascending or descending) of immediate rewards produced differences in each measure: rate of delay discounting was significantly lower when estimated with the descending sequence; a larger proportion of area under the discounting curve was concentrated around the indifference point trial with the descending sequence; and a lower correlation was observed between estimates obtained across methods with the descending sequence.     

Future altruism: Social discounting of delayed rewards

Social discounting assesses an individual's willingness to forgo an outcome for the self in lieu of a larger outcome for someone else. The purpose of the present research was to examine the effect of adding a common delay to outcomes in a binary choice, social discounting procedure. Based on the premise that both social and temporal distances are dimensions of psychological distance, we hypothesized that social discounting should decrease as a function of delay to the outcomes. Across two within-subject experiments, participants indicated preference between a hypothetical money reward for the self or for someone else. The outcomes were associated with no, short, and long delays. Both studies confirmed our hypothesis that adding any delay to the receipt of outcomes decreases social discounting, though no significant differences were observed between short and long delays. These results are discussed in the context of some existing literature on altruism.     

Amount-dependent temporal discounting?

Amount-dependent temporal discounting has been demonstrated for human choice between outcomes differing in amount and delay. In the only study to date with non-humans, Grace reported no evidence for amount-dependent temporal discounting with pigeons in a concurrent-chains procedure. The present experiments repeated Grace's procedure but with modifications to enhance the discrimination between small and large magnitude outcomes. In Experiment 1, sensitivity of pigeons' initial-link choice to the terminal link delay ratio was greater with large reinforcer durations in the terminal links than with small reinforcer durations. This result is consistent with a greater rate of temporal discounting for larger reinforcers (the reverse of the result for humans), but can also be explained as enhanced discrimination of delay ratios with larger reinforcer durations. The results of a second experiment supported Grace's conclusion that amount-dependent temporal discounting does not characterize pigeons' choice in concurrent chains. Because reinforcer amount was held constant between choice alternatives in the present experiments and that of Grace, but varied in the human studies, our results question whether prior demonstrations of amount-dependent discounting reflect the effects of reinforcer delay or of reinforcer amount. Differences in the procedures used to study discounting in humans (titration procedures) and non-humans (concurrent chains) may contribute to the divergent results across species.     

Do pretty women inspire men to discount the future?

Organisms 'discount the future' when they value imminent goods over future goods. Optimal discounting varies: selection should favour allocations of effort that effectively discount the future relatively steeply in response to cues promising relatively good returns on present efforts. However, research on human discounting has hitherto focused on stable individual differences rather than situational effects. In two experiments, discounting was assessed on the basis of choices between a smaller sum of money tomorrow and a larger sum at a later date, both before and after subjects rated the 'appeal' of 12 photographs. In experiment 1, men and women saw either attractive or unattractive opposite-sex faces; in experiment 2, participants saw more or less appealing cars. As predicted, discounting increased significantly in men who viewed attractive women, but not in men who viewed unattractive women or women who viewed men; viewing cars produced a different pattern of results.     

Delay discounting and gambling

Delay discounting describes the decline in the value of a reinforcer as the delay to that reinforcer increases. A review of the available studies revealed that steep delay discounting is positively correlated with problem or pathological gambling. One hypothesis regarding this correlation derives from the discounting equation proposed by Mazur (1989). According to the equation, steeper discounting renders the difference between fixed-delayed rewards and gambling-like variable-delayed rewards larger; with the latter being more valuable. The present study was designed to test this prediction by first assessing rats’ impulsive choices across four delays to a larger-later reinforcer. A second condition quantified strength of preference for mixed- over fixed-delays, with the duration of the latter adjusted between sessions to achieve indifference. Strength of preference for the mixed-delay alternative is given by the fixed delay at indifference (lower fixed-delay values reflect stronger preferences). Percent impulsive choice was not correlated with the value of the fixed delay at indifference and, therefore, the prediction of the hyperbolic model of gambling was not supported. A follow-up assessment revealed a significant decrease in impulsive choice after the second condition. This shift in impulsive choice could underlie the failure to observe the predicted correlation between impulsive choice and degree of preference for mixed- over fixed delays.     

Measuring state changes in human delay discounting: an experiential discounting task

A new experiential discounting task (EDT) is presented. Unlike existing question-based measures of delay discounting, which rely on imagined consequences during task completion, this EDT requires that participants experience choice consequences (i.e. delays and pseudo consumatory responses) during the measurement period. As a preliminary examination of this task's sensitivity to variability in discounting, 12 participants (six females) completed a timing test (production and reproduction), a question-based measure of delay discounting, and the EDT during non-sleep-deprived (awake 7 h) and sleep-deprived (awake 21 h) conditions. Based on evidence that sleep deprivation increases impulsive behavior, it was hypothesized that participants would underrepresent time intervals in both production and reproduction procedures and discount significantly more with the discounting procedures while sleep deprived. Unfortunately, data from the question-based discounting procedure could not be reported due to invalid task completion. However, as hypothesized, certain production and reproduction intervals were underrepresented on the timing test, and discounting was significantly steeper on the EDT when participants were sleep deprived. Also, rate of discounting on the EDT was better characterized by a hyperbolic function than by exponential function, which is consistent with previous delay-discounting research. These preliminary results suggest this EDT may be a useful measure for assessing state changes in discounting processes.     

A comparison of two algorithms in computerized temporal discounting procedures

Two algorithms are commonly applied in computerized temporal discounting procedures (Decreasing Adjustment and Double-Limit Algorithms); however, the degree to which the two algorithms produce similar patterns of discounting is unknown. The present experiment compared the two common algorithms across sign (gains and losses) and magnitude ($10 and $1000) conditions. Twenty participants made choices between larger later and smaller sooner alternatives that were presented by each of the algorithms in separate conditions. Strong correlations were found between the two measures; however, the Decreasing Adjustment Algorithm tended to produce lower indifference points and higher rates of discounting than the Double-Limit Algorithm. Both algorithms found significant magnitude effects. Less consistent results were found when comparing the two algorithms across sign. The present results suggest that researchers should apply caution when making comparisons between outcomes of delay discounting studies that have used the two different algorithms. However, the interpretation of findings from individual studies is probably not strongly affected by the use of different computer algorithms.     

Effect of delay and social distance on the perceived value of social interaction

Temporal discounting is a process by which the perceived value of an outcome decreases as delay increases. Social discounting is a process by which the perceived value of an outcome decreases as the social distance between the decision-maker and recipient increases. Both temporal and social discounting are well established for monetary outcomes. However, little is known regarding the effect of delay-to-occurrence or increased social distance on the perceived value of social interactions. The current study demonstrates that the decrease in perceived value for delayed social interactions is well described by the same hyperbola-like function used for monetary outcomes and that the rate of discounting decreases (indicating increased preference for larger, more delayed outcomes) as social distance increases. Conceptualizing the current discounting procedure as entailing both potential gains and losses, suggest that under certain circumstances, higher discount rates may not reflect increased preference.     

How Much Compensation is Enough? A Framework for Incorporating Uncertainty and Time Discounting When Calculating Offset Ratios for Impacted Habitat

Biodiversity offset areas may compensate for ecological damage caused by human activity elsewhere. One way of determining the offset ratio, or the compensation area needed, is to divide the present conservation value of the development site by the predicted future conservation value of a compensation area of the same size. Matching mean expected utility in this way is deficient because it ignores uncertainty and time lags in the growth of conservation value in compensation areas. Instead, we propose an uncertainty analytic framework for calculating what we call robustly fair offset ratios, which guarantee a high enough probability of the exchange producing at least as much conservation value in the offset areas than is lost from the development site. In particular, we analyze how the fair offset ratio is influenced by uncertainty in the effectiveness of restoration action, correlation between success of different compensation areas, and time discounting. We find that very high offset ratios may be needed to guarantee a robustly fair exchange, compared to simply matching mean expected utilities. These results demonstrate that considerations of uncertainty, correlated success/failure, and time discounting should be included in the determination of the offset ratio to avoid a significant risk that the exchange is unfavorable for conservation in the long run. This is essential because the immediate loss is certain, whereas future gain is uncertain. The proposed framework is also applicable to the case when offset areas already hold conservation value and do not require restoration action, in which case uncertainty about the conservation outcome will be lower.     

A neurobiophysical interpretation of certain aspects of the problem of risks

A situation is considered in which an individual is given an opportunity to risk a certain amount of money or goods in order to gain a larger amount, providing the result of some uncertain event proves favorable. A neural mechanism is introduced in which the probability of success can be ordered according to its value. The response to a situation thus becomes dependent upon the probability. An expression is then derived for the amount that would be risked in terms of the probability and of the amount that would be gained in the event of a successful outcome. Similar expressions are obtained for the case of insurance against loss. Results of questionnaires indicate that individuals can be classified according to their pattern of behavior in the situation considered. The various types can be most easily recognized when a plot is made of the relative amount risked against the probability of success. In a general way, these types can be understood in terms of the equations derived.     

Always Gamble on an Empty Stomach: Hunger Is Associated with Advantageous Decision Making

Three experimental studies examined the counterintuitive hypothesis that hunger improves strategic decision making, arguing that people in a hot state are better able to make favorable decisions involving uncertain outcomes. Studies 1 and 2 demonstrated that participants with more hunger or greater appetite made more advantageous choices in the Iowa Gambling Task compared to sated participants or participants with a smaller appetite. Study 3 revealed that hungry participants were better able to appreciate future big rewards in a delay discounting task; and that, in spite of their perception of increased rewarding value of both food and monetary objects, hungry participants were not more inclined to take risks to get the object of their desire. Together, these studies for the first time provide evidence that hot states improve decision making under uncertain conditions, challenging the conventional conception of the detrimental role of impulsivity in decision making.     

Insulin,Central Dopamine D2 Receptors,and Monetary Reward Discounting in Obesity

Animal research finds that insulin regulates dopamine signaling and reward behavior, but similar research in humans is lacking. We investigated whether individual differences in body mass index, percent body fat, pancreatic β-cell function, and dopamine D2 receptor binding were related to reward discounting in obese and non-obese adult men and women. Obese (n = 27; body mass index>30) and non-obese (n = 20; body mass index<30) adults were assessed for percent body fat with dual-energy X-ray absorptiometry and for β-cell function using disposition index. Choice of larger, but delayed or less certain, monetary rewards relative to immediate, certain smaller monetary rewards was measured using delayed and probabilistic reward discounting tasks. Positron emission tomography using a non-displaceable D2-specific radioligand, [¹¹C](N-methyl)benperidol quantified striatal D2 receptor binding. Groups differed in body mass index, percent body fat, and disposition index, but not in striatal D2 receptor specific binding or reward discounting. Higher percent body fat in non-obese women related to preference for a smaller, certain reward over a larger, less likely one (greater probabilistic discounting). Lower β-cell function in the total sample and lower insulin sensitivity in obese related to stronger preference for an immediate and smaller monetary reward over delayed receipt of a larger one (greater delay discounting). In obese adults, higher striatal D2 receptor binding related to greater delay discounting. Interestingly, striatal D2 receptor binding was not significantly related to body mass index, percent body fat, or β-cell function in either group. Our findings indicate that individual differences in percent body fat, β-cell function, and striatal D2 receptor binding may each contribute to altered reward discounting behavior in non-obese and obese individuals. These results raise interesting questions about whether and how striatal D2 receptor binding and metabolic factors, including β-cell function, interact to affect reward discounting in humans.     

How People Use Social Information to Find out What to Want in the Paradigmatic Case of Inter-temporal Preferences

The weight with which a specific outcome feature contributes to preference quantifies a person’s ‘taste’ for that feature. However, far from being fixed personality characteristics, tastes are plastic. They tend to align, for example, with those of others even if such conformity is not rewarded. We hypothesised that people can be uncertain about their tastes. Personal tastes are therefore uncertain beliefs. People can thus learn about them by considering evidence, such as the preferences of relevant others, and then performing Bayesian updating. If a person’s choice variability reflects uncertainty, as in random-preference models, then a signature of Bayesian updating is that the degree of taste change should correlate with that person’s choice variability. Temporal discounting coefficients are an important example of taste–for patience. These coefficients quantify impulsivity, have good psychometric properties and can change upon observing others’ choices. We examined discounting preferences in a novel, large community study of 14–24 year olds. We assessed discounting behaviour, including decision variability, before and after participants observed another person’s choices. We found good evidence for taste uncertainty and for Bayesian taste updating. First, participants displayed decision variability which was better accounted for by a random-taste than by a response-noise model. Second, apparent taste shifts were well described by a Bayesian model taking into account taste uncertainty and the relevance of social information. Our findings have important neuroscientific, clinical and developmental significance.     

Within-subject comparison of degree of delay discounting using titrating and fixed sequence procedures

Different procedures are often used across experiments to estimate the degree of delay discounting, a common measure of impulsivity. In all procedures, participants indicate their choice between a reward available immediately and one available after a delay. The present experiment determined whether there are differences in the degree of discounting for a hypothetical $100 produced by a procedure that titrates the immediate amount (titrating sequence procedure) versus a procedure that presents a fixed sequence of immediate amounts (fixed sequence procedure) using a within-subject design. The adult human participants showed no significant differences in degree of discounting between procedures as assessed by a hyperboloid model and the Area Under the Curve. Furthermore, the Area Under the Curve values from the two procedures showed a strong positive correlation. These findings suggest there may be no systematic difference between the degree of delay discounting as estimated by the titrating sequence and fixed sequence procedures. Given the apparent similarities in the results, it appears researchers may be justified in basing their choice of which procedure to use on convenience.     

Sex difference in the relationship between salivary testosterone and inter-temporal choice

Humans often prefer a small immediate reward to large reward in the future. This myopic tendency in inter-temporal choice is termed delay discounting, and has been the focus of intensive research in the past decades. Recent studies indicate that the neural regions underlying delay discounting are influenced by the gonadal steroids. However, the specific relationship between the testosterone levels and delay discounting is unclear at this point, especially in females.The present study investigated the relationship between salivary testosterone concentrations and discounting rates in delay- and probability-discounting tasks with healthy males and females. The results revealed a positive correlation between testosterone concentrations and delay-discounting rates in females and a negative correlation in males. Testosterone concentrations were unrelated to probability-discounting rates. Although causal effects of testosterone cannot be certain in this correlational study, if testosterone directly influenced this behavior, observed sex differences in delay discounting may be evidence of a curvilinear effect of testosterone. Alternatively, the findings may reflect inverse pattern of responsiveness to testosterone between male and female neural systems, or basic sex-difference in the neural mechanism underlying delay-discounting independent of testosterone itself.     

The relationship between weight loss and time and risk preference parameters: a randomized controlled trial

This study aimed to assess the effectiveness of intervention (specifically, intervention by telephone and mails, known as 'tele-care') relative to self-help as a weight-loss method. The question of whether there is a correlation between changes in two preference parameters--time discounting (i.e. impatience) and risk aversion--and the level of commitment was examined. The study, spanning a period of 24 weeks in 2006-2007, comprised 118 participants, each of whom was randomly assigned to either the tele-care or the self-help group. A public-health nurse provided support through telephone and mail communications to the tele-care group, aiming to reduce their calorie intake and increase exercise via this intervention. There was a significant decrease in the body weight of the participants of the tele-care group from the baseline; however, there were no significant differences in the weight loss, median time discounting or risk aversion between the two groups. The subsequent analysis for weight loss with changes in time and risk parameters revealed a significant difference in the weight loss in the time-discounting-loss and risk-aversion-gain groups. From the results of the multiple regression analysis, the time discounting was noted to be associated with age, initial BMI and marital status among men, and risk aversion was associated with age and job status among women. There is a possibility that a decrease in time discounting and increase in risk aversion might correlate with the weight loss or effectiveness of commitment in this trial. This study suggests that time discounting and risk aversion may be useful in anti-obesity efforts, since they are accurate criteria of behavioural patterns associated with weight problems.     

Measurement of delay discounting using trial-by-trial consequences

DELAY DISCOUNTING IN HUMANS WAS INVESTIGATED USING THREE DIFFERENT PROCEDURES: a frequently used discounting procedure with hypothetical rewards and delays; a procedure with hypothetical rewards and delays compressed down to much smaller values; and a contingent procedure in which each choice had a direct consequence. In the contingent procedure, on every trial, participants actually experienced the delay and obtained the reward amount associated with their choice. Each participant was exposed to all three procedures. Orderly temporal discounting patterns were obtained in all three procedures and described well by a hyperbolic model. Comparisons of the data revealed patterns unique to each procedure. The distributions of the discounting measures differed across the three procedures. In the contingent procedure, several subjects showed no discounting, e.g. complete self-control. Procedural factors in studies of impulsivity are discussed, and suggestions are offered for experiments in which the contingent-discounting procedure may prove useful.     

The date-delay framing effect in temporal discounting depends on substance abuse

In the present study, individuals with substance use disorders (n=30) and non-addicted controls (n=30) were presented with a delay-discounting task with time being described either as dates or as temporal intervals. Three main results were obtained. First, in both groups reward size had a large impact on discounting future rewards, with discount rates becoming larger with smaller reward sizes. Second, participants discounted future rewards less strongly when their time of delivery was presented as a date instead of a temporal distance. Third, whereas discount rates of individuals with substance use disorders varied substantially with regard to the presentation of time in the task, the controls changed their choices depending on time presentation only slightly.