Psychophysics of time perception and intertemporal choice models

Takahashi, Taiki, Oono, Hidemi and Radford, Mark H. B. (2008) Psychophysics of time perception and intertemporal choice models. Physica A: Statistical Mechanics and its Applications, 387 8-9: 2066-2074. doi:10.1016/j.physa.2007.11.047


Author Takahashi, Taiki
Oono, Hidemi
Radford, Mark H. B.
Title Psychophysics of time perception and intertemporal choice models
Journal name Physica A: Statistical Mechanics and its Applications   Check publisher's open access policy
ISSN 0378-4371
Publication date 2008-01-01
Year available 2008
Sub-type Article (original research)
DOI 10.1016/j.physa.2007.11.047
Open Access Status
Volume 387
Issue 8-9
Start page 2066
End page 2074
Total pages 9
Place of publication Netherlands
Publisher Elsevier BV, North-Holland
Language eng
Subject C1
920209 Mental Health Services
110319 Psychiatry (incl. Psychotherapy)
Abstract Intertemporal choice and psychophysics of time perception have been attracting attention in econophysics and neuroeconomics. Several models have been proposed for intertemporal choice: exponential discounting, general hyperbolic discounting (exponential discounting with logarithmic time perception of the Weber–Fechner law, a q-exponential discount model based on Tsallis’s statistics), simple hyperbolic discounting, and Stevens’ power law–exponential discounting (exponential discounting with Stevens’ power time perception). In order to examine the fitness of the models for behavioral data, we estimated the parameters and AICc (Akaike Information Criterion with small sample correction) of the intertemporal choice models by assessing the points of subjective equality (indifference points) at seven delays. Our results have shown that the orders of the goodness-of-fit for both group and individual data were [Weber–Fechner discounting (general hyperbola) > Stevens’ power law discounting > Simple hyperbolic discounting > Exponential discounting], indicating that human time perception in intertemporal choice may follow the Weber–Fechner law. Indications of the results for neuropsychopharmacological treatments of addiction and biophysical processing underlying temporal discounting and time perception are discussed.
Keyword Intertemporal choice
Discounting
Time perception
Impulsivity
Neuroeconomics
Psychophysics
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status Non-UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: 2009 Higher Education Research Data Collection
Excellence in Research Australia (ERA) - Collection
School of Medicine Publications
 
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Created: Fri, 17 Apr 2009, 01:02:32 EST by Denise Wilson on behalf of Faculty Of Health Sciences