Abstract
Intertemporal choice has drawn attention in econophysics and neuroeconomics. Both impulsivity and inconsistency in intertemporal choice can be parametrized with a Tsallis’s statistics-based q -exponential discount model. Although a recent neuroeconomic study has proposed a dual-self discounting model (a generalized quasi-hyperbolic discounting), no study to date has examined the relationship between the q -exponential and quasi-hyperbolic models. We empirically estimated the inconsistency parameter 1 − q in the q -exponential discount function and the parameter of an internal conflict between dual selves in intertemporal choice by humans. We observed that (i) the inconsistency parameter in the q -exponential model is positively related to a conflict between selves within a subject and (ii) q -exponential discounting better fits group data, while quasi-hyperbolic discounting better fits individual data. Our results indicate that (i) inconsistent intertemporal decision-makers may experience strong internal conflict during intertemporal choice behavior, and (ii) the q -exponential and the quasi-hyperbolic discount models should respectively be utilized for group and individual data. The usefulness of the q -exponential and the quasi-hyperbolic in studies of addiction and economic behavior is discussed.
Submitted Version (
Free)
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Physica A: Statistical Mechanics and its Applications
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
