Is the Value of Future Rewards Independent of Gains and Losses Concurrent with Intertemporal Choices?

Abstract

Delay discounting refers to the reduction in the value of an outcome as a consequence of the delay to its receipt. The rate at which a future event is discounted depends on several factors, but there is little evidence regarding the effects of consequences concurrent with an intertemporal choice. In this study, participants were exposed to a delay discounting task in which an immediate gain (upfront gains) or an immediate loss (upfront losses) was bundled with an intertemporal choice. In two experiments, we explored how the sign (gain or loss) and magnitude (relative and absolute) of the upfront affect discounting rate. Results of Experiment 1 suggest that only the introduction of a significant negative upfront reduced discounting in the small reward condition. In Experiment 2, increasing both the relative and absolute magnitude of the upfront reduced discounting. We discuss these results in terms of factors that modulate the effect of availability and absence of additional resources on discounting.