AREA UNDER THE CURVE AS A MEASURE OF DISCOUNTING

TLDR

The present approach is not intended as a substitute for theoretical discounting models. The authors propose a novel area‑under‑curve method to measure discounting. The method calculates the area under the empirical discounting function and can be applied to individual or group data from various delay and probability discounting procedures. The area measure avoids problems of parameter‑based metrics and provides a simple, univariate discounting metric independent of theoretical frameworks.

Abstract

We describe a novel approach to the measurement of discounting based on calculating the area under the empirical discounting function. This approach avoids some of the problems associated with measures based on estimates of the parameters of theoretical discounting functions. The area measure may be easily calculated for both individual and group data collected using any of a variety of current delay and probability discounting procedures. The present approach is not intended as a substitute for theoretical discounting models. It is useful, however, to have a simple, univariate measure of discounting that is not tied to any specific theoretical framework.