The Q-Exponential Decay of Subjective Probability for Future Reward: A Psychophysical Time Approach
Taiki Takahashi,
Shinsuke Tokuda,
Masato Nishimura,
Ryo Kimura
Affiliations
Taiki Takahashi
Department of Behavioral Science, Center for Experimental Research for Social Science, Center for Brain Science, N.10, W.7, Kita-ku, Sapporo 060-0810, Japan
Shinsuke Tokuda
Department of Behavioral Science, Center for Experimental Research for Social Science, Center for Brain Science, N.10, W.7, Kita-ku, Sapporo 060-0810, Japan
Masato Nishimura
Department of Behavioral Science, Center for Experimental Research for Social Science, Center for Brain Science, N.10, W.7, Kita-ku, Sapporo 060-0810, Japan
Ryo Kimura
Department of Behavioral Science, Center for Experimental Research for Social Science, Center for Brain Science, N.10, W.7, Kita-ku, Sapporo 060-0810, Japan
This study experimentally examined why subjective probability for delayed reward decays non-exponentially (“hyperbolically”, i.e., q ˂ 1 in the q-exponential discount function) in humans. Our results indicate that nonlinear psychophysical time causes hyperbolic time-decay of subjective probability for delayed reward. Implications for econophysics and neuroeconomics are discussed.
