From data through discount rates to the area under the curve.
area under the Curve (AuC)
area under the data (AuD)
discounting
hyperbolae
Journal
Journal of the experimental analysis of behavior
ISSN: 1938-3711
Titre abrégé: J Exp Anal Behav
Pays: United States
ID NLM: 0203727
Informations de publication
Date de publication:
Mar 2024
Mar 2024
Historique:
received:
14
06
2022
accepted:
13
10
2023
medline:
20
11
2023
pubmed:
20
11
2023
entrez:
20
11
2023
Statut:
ppublish
Résumé
The rate of discounting future goods is a crucial factor in intertemporal trade-offs, upon which depends not only individual well-being but also that of our planet: How much privation now for a temperate future for our grandchildren? What is the best way to measure how the value of future goods decreases with its delay? The most accurate discount functions involve several covarying parameters, making interpretation equivocal. A universal and robust measure is the area under the discount curve, the AuC. The AuC of a hyperbolic discount function is a logarithmic function of the discount rate, k. The same integral also approximates the area under a hyperboloid function. A simple technique converts each datum into estimates of the discount rate, eliminating rogue data points in the process. These trimmed estimates are converted into areas and tested against data, where they succeed at predicting the AuC and its relation to log(k).
Types de publication
Journal Article
Langues
eng
Sous-ensembles de citation
IM
Pagination
259-265Informations de copyright
© 2023 Society for the Experimental Analysis of Behavior.
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