High Discounting Research Articles

Reprint of: Clustering of behavioral economic biases in decision-making and risk for cigarette smoking and other substance use in women and men

BackgroundLow loss aversion (LA) and high delay discounting (DD) are behavioral-economic decision-making biases that independently predict cigarette smoking and other risky substance use. Here we examine (1) whether low-LA and high-DD co-occur, (2) does co-occurrence increase the odds of current smoking and other substance use compared to only low-LA, high-DD, or neither; and (3) potential gender differences in these associations. MethodData are from five studies with U.S. adults who currently smoked or never-smoked cigarettes recruited using online convenience sampling matching on gender and education. Participants completed identical sociodemographic, substance use (cigarette, other drugs, alcohol), and LA (hypothetical 50–50 gambles) and DD (monetary-choice questionnaire) measures. LA and DD scores were dichotomized as low and high using Receiver-Operating-Characteristic Curve logistic regression. ResultsLA and DD each independently predicted substance use and with few exceptions were not influenced by gender. Low-LA compared to high-LA predicted two-fold greater odds of co-occurring high-DD (AOR = 2.120, 95%CI:1.749–2.571, p < .0001). Similarly, high-DD compared to low DD predicted two-fold greater odds of low-LA (AOR = 2.118, 95%CI:1.747–2.568, p < .0001). Among those with co-occurring low-LA and high-DD, odds of substance use were 5–10 times greater than those exhibiting neither, and 2–3 times greater than those exhibiting only low-LA or high-DD. ConclusionsLow-LA and high-DD cluster in women and men such that exhibiting one of these decision-making biases doubles the odds of exhibiting the other. These results demonstrate reliable clustering of low-LA and high-DD and a striking increase in risk for substance use relative to having only one or neither decision-making bias.

Clustering of behavioral economic biases in decision-making and risk for cigarette smoking and other substance use in women and men

BackgroundLow loss aversion (LA) and high delay discounting (DD) are behavioral-economic decision-making biases that independently predict cigarette smoking and other risky substance use. Here we examine (1) whether low-LA and high-DD co-occur, (2) does co-occurrence increase the odds of current smoking and other substance use compared to only low-LA, high-DD, or neither; and (3) potential gender differences in these associations. MethodData are from five studies with U.S. adults who currently smoked or never-smoked cigarettes recruited using online convenience sampling matching on gender and education. Participants completed identical sociodemographic, substance use (cigarette, other drugs, alcohol), and LA (hypothetical 50–50 gambles) and DD (monetary-choice questionnaire) measures. LA and DD scores were dichotomized as low and high using Receiver-Operating-Characteristic Curve logistic regression. ResultsLA and DD each independently predicted substance use and with few exceptions were not influenced by gender. Low-LA compared to high-LA predicted two-fold greater odds of co-occurring high-DD (AOR = 2.120, 95%CI:1.749–2.571, p < .0001). Similarly, high-DD compared to low DD predicted two-fold greater odds of low-LA (AOR = 2.118, 95%CI:1.747–2.568, p < .0001). Among those with co-occurring low-LA and high-DD, odds of substance use were 5–10 times greater than those exhibiting neither, and 2–3 times greater than those exhibiting only low-LA or high-DD. ConclusionsLow-LA and high-DD cluster in women and men such that exhibiting one of these decision-making biases doubles the odds of exhibiting the other. These results demonstrate reliable clustering of low-LA and high-DD and a striking increase in risk for substance use relative to having only one or neither decision-making bias.

Different topological patterns in structural covariance networks between high and low delay discounters.

People prefer immediate over future rewards because they discount the latter's value (a phenomenon termed "delay discounting," used as an index of impulsivity). However, little is known about how the preferences are implemented in brain in terms of the coordinated pattern of large-scale structural brain networks. To examine this question, we classified high discounting group (HDG) and low discounting group (LDG) in young adults by assessing their propensity for intertemporal choice. We compared global and regional topological properties in gray matter volume-based structural covariance networks between two groups using graph theoretical analysis. HDG had less clustering coefficient and characteristic path length over the wide sparsity range than LDG, indicating low network segregation and high integration. In addition, the degree of small-worldness was more significant in HDG. Locally, HDG showed less betweenness centrality (BC) in the parahippocampal gyrus and amygdala than LDG. These findings suggest the involvement of structural covariance network topology on impulsive choice, measured by delay discounting, and extend our understanding of how impulsive choice is associated with brain morphological features.

Utility of the 5-trial adjusting delay task in screening for high delay discounting rates: A cohort study of individuals reporting harmful alcohol and tobacco use.

High delay discounting (DD) rates are associated with several health conditions, including addiction. Investigators interested in the modulation of DD rates may be interested in screening for individuals with high DD rates within substance-using samples. The adjusting delay discounting task (ADT) is a brief DD rate measure suitable for screening purposes, but how performance on this task is related to more granular DD measures (e.g., adjusting amount task; AAT) in individuals who use substances is unknown. This study investigated the relationship between DD rates measured by the ADT and AAT to assess the utility of the ADT in screening for high discounting rates in individuals who use tobacco and alcohol. Participants (N = 488) were screened for high discounting rates, ln(k) ≥ -4.3118, using the ADT. Subsequently, participants completed the AAT. Linear regressions were conducted to understand the relationship between the ADT and AAT DD rates. Separate analyses between the total, high-quality and low-quality samples were conducted. Significant relationships between the ADT and AAT were found for the total (p < .001), high-quality (p < .001), and low-quality samples (p < .001). Although the ADT overestimated DD rates on the AAT by 2.49, 2.29, and 2.97 units in the total, high-quality, and low-quality samples, the ADT accurately identified individuals with high discounting rates. Specifically, 71% of the total sample, 80% of the high-quality sample, and 66% of the low-quality sample maintained a high DD rate on the AAT. These results demonstrate that ADT can be used as a quick, accurate screening tool to identify high discounting rates in individuals who use substances. (PsycInfo Database Record (c) 2023 APA, all rights reserved).

Loss aversion and risk for cigarette smoking and other substance use

BackgroundCigarette smoking is among the leading preventable causes of global morbidity and mortality. We aimed to determine whether individual differences in loss aversion, a bias in decision-making wherein losses are valued greater than gains, predicts smoking and other addiction risk. MethodsWe recruited current daily cigarette smokers (n = 181; > 10 cigarettes per day) and never-smokers (n = 237; < 100 cigarettes lifetime) from the United States using Amazon Mechanical Turk. Groups were matched on gender, educational attainment, and age. All completed items related to current cigarette smoking, alcohol use, other drug use, sleep problems, and depressed mood, and task-based measures of loss aversion and delay discounting, a decision-making bias associated with cigarette smoking. ResultsSmokers were less loss averse than never-smokers (F(1, 411) = 24.19, η2 = 0.02, p < .0001) even after accounting for delay discounting (F(1, 410) = 20.53, η2 = 0.02, p < .0001). Loss aversion was also a significant independent risk factor for alcohol (F(1, 410) = 21.47, η2 = 0.02, p < .0001) and other drug use (F(1, 410) = 54.12, η2 = 0.04, p < .0001), although not other behavioral-health conditions (i.e., sleep disturbance, depressed mood). Further analyses revealed that co-occurring low loss aversion and high delay discounting were independently associated with greater risk for all patterns of substance use. ConclusionsLoss aversion was associated with current cigarette smoking and other substance use patterns independent of delay discounting. Loss aversion may warrant attention as a protective factor and potential target for preventive intervention for substance use and addiction.

Statistically derived patterns of behavioral economic risk among heavy-drinking college students: A latent profile analysis.

High levels of 3 behavioral economic indices (delay discounting, alcohol demand, and proportionate substance-related reinforcement) are consistently associated with greater alcohol misuse and alcohol-related problems. However, it is unclear whether and how these variables jointly increase the risk for alcohol-related outcomes among college students who engage in heavy episodic drinking (HED; 4/5+ drinks for women/men, respectively). The current study used a person-centered approach to identify similar patterns of behavioral economic domains among heavy-drinking college students and investigate the relationship between these empirically derived classes and alcohol-related outcomes. A sample of 393 college students (60.8% female, 78.9% White/Caucasian) reporting at least 2 heavy drinking episodes in the previous month completed measures of alcohol use and problems, demographics, delay discounting, and alcohol reward value (alcohol demand and proportionate substance-related reinforcement). Latent profile analyses revealed that a 3-class solution provided the best fit to the data: a low reward value, high discounting (LRHD) class (n = 53), a moderate reward value, low discounting (MRLD) class (n = 214), and a high reward value, high discounting (HRHD) class (n = 126). Members of the HRHD class reported significantly greater alcohol consumption, past-month HED episodes, alcohol-related problems, and symptoms of alcohol use disorder than those in the MRLD and LRHD classes. The results suggest that there are 3 constellations of behavioral economic processes and that, consistent with the reinforcer pathology model, students who overvalue alcohol-related reward and discount the future more steeply are at the greatest risk for alcohol misuse and alcohol-related problems. (PsycInfo Database Record (c) 2021 APA, all rights reserved).

Individual differences in time estimation are associated with delay discounting and alcohol use

Delay discounting is a commonly used behavioral measure of impulsive decision making and it has been shown that disturbed delay discounting is associated with drug dependence, problematic gambling, obesity and risk behavior. It is hypothesized that disturbed delay discounting may be due to aberrations in the subjective perception of time. In this study the associations were examined between subjective time estimation ability, impulsivity and substance use. A sample of healthy undergraduate students (N = 85) performed a time estimation task across 3 different intervals and completed a delay discounting questionnaire (MCQ). Substance use (alcohol and smoking) and personality characteristics reflecting impulsiveness (Eysenck-I7; BIS/BAS) were obtained via self-report. The results suggest that both delay discounting and degree of alcohol use are associated with time estimation abilities. There was a modest U-shaped association between delay discounting and one measure of time estimation (i.e., coefficient of variation). A higher, similar level of estimation error was found for both high and low delay discounting which can be seen as convergent evidence for the existence of a continuum of self-control, associated with behavioral risks and decision-making problems towards the extremes of the scale. Another measure of time estimation error (i.e., autocorrelation) was positively associated with alcohol use which implies a connection between time estimation and a risk factor for the development of alcohol use disorder. Findings suggest the existence of complex psychological associations between time estimation, impulsivity and addiction.

Income dividends and subjective survival in a Cherokee Indian cohort: a quasi-experiment

ABSTRACT Persons with high temporal discounting tend to value immediate gratification over future gains. Low self-reported lifespan (SRL)―an individual’s assessment of a relatively short future lifespan―concentrates in low-income populations and may reflect high temporal discounting. We use casino-based cash dividends among the Eastern Band of Cherokee Indians (EBCI) as a quasi-experiment to test whether large income gains among EBCI members translate into increased SRL. We used SRL data for EBCI and White youth, aged 19 to 28, participating in two waves of the Life Time Trajectory of Youth (LTI-Y) survey from 2000 to 2010. We controlled for unobserved confounding across individuals, time, and region through a longitudinal design using a difference-in-difference analytic approach (N = 294). We conducted all analyses separately by gender and by quartile of socioeconomic status. Cash dividends correspond with a 15.23 year increase in SRL among EBCI men below the lowest socio-economic quartile at baseline relative to Whites (standard error = 5.39, p < .01). Results using other socio-economic cut-points support improved SRL among EBCI men (but not women). The large magnitude of this result among EBCI men indicates that a non-trivial cash dividend to a low-income population may confer long-term benefits on perceptions of future lifespan and, in turn, reduce temporal discounting. Abbreviations: EBCI: Eastern Band of Cherokee Indians; SES: Socioeconomic Status; LTI-Y: Life Trajectory Interview for Youth; GSMS: Great Smoky Mountains Study; SRL: Self-Reported Lifespan; SSS: Subjective Social Status

Statistical analysis and stochastic interest rate modeling for valuing the future with implications in climate change mitigation

High future discounting rates favor inaction on present expending while lower rates advise for a more immediate political action. A possible approach to this key issue in global economy is to take historical time series for nominal interest rates and inflation, and to construct then real interest rates and finally obtaining the resulting discount rate according to a specific stochastic model. Extended periods of negative real interest rates, in which inflation dominates over nominal rates, are commonly observed, occurring in many epochs and in all countries. This feature leads us to choose a well-known model in statistical physics, the Ornstein–Uhlenbeck model, as a basic dynamical tool in which real interest rates randomly fluctuate and can become negative, even if they tend to revert to a positive mean value. By covering 14 countries over hundreds of years we suggest different scenarios and include an error analysis in order to consider the impact of statistical uncertainty in our results. We find that only 4 of the countries have positive long-run discount rates while the other ten countries have negative rates. Even if one rejects the countries where hyperinflation has occurred, our results support the need to consider low discounting rates. The results provided by these fourteen countries significantly increase the priority of confronting global actions such as climate change mitigation. We finally extend the analysis by first allowing for fluctuations of the mean level in the Ornstein–Uhlenbeck model and secondly by considering modified versions of the Feller and lognormal models. In both cases, results remain basically unchanged thus demonstrating the robustness of the results presented.

The relationships between eating disorder pathology and relative reinforcing value of food, delay discounting, and related constructs in adolescents

Food is a primary reinforcer that motivates behavior in the absence of learning or conditioning. Both the relative reinforcing value (RRV) of food and delay discounting are associated with weight status. While dietary restraint and disinhibition have been shown to influence the RRV of food, limited work has examined the relationships between eating disorder pathology and RRV of food and delay discounting. Therefore, the purpose of this study was to examine how eating disorder pathology predicts RRV of food, proportion of food consumed, delay discounting, reinforcement pathology (i.e., high motivation to eat and high delay discounting), and sensitization of high energy dense food (HED; i.e., increases in RRV of HED food after daily repeated exposure). Participants were 167 adolescents ages 12–14 without obesity participating in a longitudinal study examining predictors of weight change who completed a series of laboratory assessments assessing the RRV of food of HED food, delay discounting, reinforcement pathology, sensitization of HED food, and a questionnaire assessing eating disorder pathology. Eating disorder pathology was not related to the RRV of food or delay discounting, but did predict reinforcement pathology and the sensitization of HED food. When explored by weight status, these relationships were only observed for those with overweight. There were no other significant relationships for either adolescents with normal weight or overweight. Given that weight status appeared to moderate some of the relationships between eating disorder pathology and reinforcement-related constructs, future work should examine how reinforcement pathology and eating disorder pathology are related to changes in weight status over time.

A Reinforcer Pathology perspective on relapse.

The Reinforcer Pathology theory proposes conditions under which drugs emerge as excessively preferred reinforcers compared to other available reinforcers among drug users. The theory highlights 2 key variables as important determinants of drug preference: (a) excessive preference for immediate rewards (high discounting of future rewards); and (b) excessive valuation for addictive reinforcers (e.g., drugs). Two iterations of the Reinforcer Pathology theory exist with the latest iteration (i.e., Reinforcer Pathology 2.0) specifying that the temporal window of reinforcer integration (measured by delay discounting) is a determinant of reinforcer value. The 2 iterations of the Reinforcer Pathology theory are described. A novel insight and understanding of abstinence and relapse from a Reinforcer Pathology perspective, limitations, and future directions are discussed. The Reinforcer Pathology theory continues the long-standing efforts to scientifically understand and better define novel concepts and methods to further translational research and improve treatment outcomes. Exploring the complementary relation between the Reinforcer Pathology perspective and other current approaches could have a valuable effect.

The synergistic effect of cigarette demand and delay discounting on nicotine dependence among treatment-seeking smokers.

From a behavioral economics standpoint, tobacco addiction can be conceptualized as a reinforcer pathology deriving from high cigarette demand and elevated delay discounting (DD) rates. The primary aim of this study was to assess the interactive effects of cigarette demand and DD on nicotine dependence (ND) and cigarette consumption among a sample of treatment-seeking smokers. Participants were 277 smokers (68.9% women) who completed the 19-item version of the Cigarette Purchase Task, a computerized version of the DD task and the Fagerström Test for Nicotine Dependence. To assess cigarette consumption, participants were also asked about their mean number of cigarettes smoked per day. Hierarchical multiple regressions were conducted to assess the interactive effects of demand indices and DD on ND and cigarettes smoked per day. The area under the curve for both demand and DD was used to explore the interactive effect of the 2 variables. Results showed that the interaction between cigarette demand and DD was significantly related to ND severity (p < .05) but not to cigarette consumption. This is the first study showing that the synergistic effect of cigarette demand and DD better accounts for ND in treatment-seeking smokers than the 2 isolated constructs. It also supports the utility of area under the curve as a proxy for cigarette demand, providing methodological convergence with other behavioral economic domains, such as DD. (PsycINFO Database Record (c) 2019 APA, all rights reserved).

Time Preferences and Subjective Discounting

Many decisions involve trade-offs between present and future costs and benefits. We procrastinate difficult tasks, and we forgo larger rewards for smaller ones if we can get them sooner. Why do we change our minds about the value of upcoming events? The traditional discounting model, which predicts how individuals discount future consequences and resolve trade-offs between present and future costs and benefits, does not account for this observed behavior. The behavioral discounting model presented in this technical note accounts for observed behaviors by incorporating patterns of overall high discounting, magnitude effects, and decreasing impatience. Excerpt UVA-QA-0896 Rev. Dec. 7, 2018 Time Preferences and Subjective Discounting Many decisions involve trade-offs between costs and benefits today and future costs and benefits. Consider the decision to take lessons to improve one's ability in, say, tennis or golf. In the short run, we experience a cost in terms of time and money. In the long run, we could enjoy the sport for many years to come. Another example would be changing our eating habits: a painful experience of intermittent hunger for several weeks can take off a few pounds and make us feel much better, and be healthier, for quite some time. For trade-offs between present and future monetary consequences, MBA students are taught to discount cash flows and calculate net present value (NPV) using an annual discount rate in the vicinity of 10% (i.e., the risk-free rate plus a risk premium). Using NPV, one can calculate the future profit necessary to compensate for a costly investment today, or determine if an immediate benefit is worth its associated future cost. Usually, a single discount rate is compounded to calculate the present value of consequences in different future dates. In this note, our goal is to understand better how individuals—who do not carry a computer to compute NPV—intuitively trade-off the present and the future. To do so, we can elicit the present equivalent of a future benefit. Alternatively, we can elict the future equivalent of a present benefit. . . .

Government size and economic growth in an endogenous growth model with rent‐seeking

AbstractWe explore the relationship between government size and economic growth in an endogenous growth model with human capital and an unproductive capital which facilitates rent‐seeking. With exogenous as well as endogenous time discounting, we find a non‐monotonic relationship between the size of government and economic growth. We find that with very high (low) discounting, there is a unique low (high) growth equilibrium, regardless of the size of government. For the intermediate range of discounting, there are multiple equilibria and the growth outcome depends on the size of government. With endogenous time discounting, the growth outcome is path dependent and depends on the level of inherited human capital. However, there is only one stable growth regime and the economy endogenously switches to it. When the institutional constraints on rent‐seeking are not extremely high, the stable regime is the one in which there is a high‐growth equilibrium for a smaller size of the government and for larger size, both the high‐growth and the low‐growth equilibrium coexist. When the institutional constraints on rent‐seeking are extremely high, there exists only a unique high‐growth equilibrium irrespective of the size of government. Furthermore, economies with bigger size of the government and/or with poor quality institutions will take longer to endogenously switch to this stable growth regime.

Interrelationships between marijuana demand and discounting of delayed rewards: Convergence in behavioral economic methods

BackgroundDistinct behavioral economic domains, including high perceived drug value (demand) and delay discounting (DD), have been implicated in the initiation of drug use and the progression to dependence. However, it is unclear whether frequent marijuana users conform to a “reinforcer pathology” addiction model wherein marijuana demand and DD jointly increase risk for problematic marijuana use and cannabis dependence (CD). MethodsParticipants (n=88, 34% female, 14% cannabis dependent) completed a marijuana purchase task at baseline. A delay discounting task was completed following placebo marijuana cigarette (0% THC) administration during a separate experimental session. ResultsMarijuana demand and DD were quantified using area under the curve (AUC). In multiple regression models, demand uniquely predicted frequency of marijuana use while DD did not. In contrast, DD uniquely predicted CD symptom count while demand did not. There were no significant interactions between demand and DD in either model. ConclusionsThese findings suggest that frequent marijuana users exhibit key constituents of the reinforcer pathology model: high marijuana demand and steep discounting of delayed rewards. However, demand and DD appear to be independent rather than synergistic risk factors for elevated marijuana use and risk for progression to CD. Findings also provide support for using AUC as a singular marijuana demand metric, particularly when also examining other behavioral economic constructs that apply similar statistical approaches, such as DD, to support analytic methodological convergence.

Origins of reform resistance and the Southern European regime

With a particular interest for Southern Europe, this contribution develops a classification of obstacles to economic policy reforms. This classification covers approaches ranging from classical economics and political-economic explanations to more innovative explanations linked to behavioral economics. The subsequent part analyzes qualitatively and quantitatively to which extent the “Southern European regime” may imply a particular relevance of some of the potential reform obstacles classified before. We derive “reform ability profiles” which quantify several of the reform obstacles (or reform drivers) to compare EU countries in their likely reform predisposition. These profiles confirm particular Southern European weaknesses which tend to reduce the political-economic feasibility of long-term reforms: a low effectiveness in poverty protection, high intertemporal discounting and uncertainty avoidance, a poor information level of the population and deeply shattered trust in national institutions. In a microeconometric analysis based on Eurobarometer survey data, the analysis leaves the highly aggregated level and looks into the individual heterogeneity in reform acceptance. It is shown that several of the reform obstacles identified in theory are also empirically correlated with the individual inclination to accept reforms.

Unhealthy diets, obesity and time discounting: a systematic literature review and network analysis.

SummaryThere is an increasing policy commitment to address the avoidable burdens of unhealthy diet, overweight and obesity. However, to design effective policies, it is important to understand why people make unhealthy dietary choices. Research from behavioural economics suggests a critical role for time discounting, which describes how people's value of a reward, such as better health, decreases with delay to its receipt. We systematically reviewed the literature on the relationship of time discounting with unhealthy diets, overweight and obesity in Web of Science and PubMed. We identified 41 studies that met our inclusion criteria as they examined the association between time discount rates and (i) unhealthy food consumption; (ii) overweight and (iii) response to dietary and weight loss interventions. Nineteen out of 25 cross‐sectional studies found time discount rates positively associated with overweight, obesity and unhealthy diets. Experimental studies indicated that lower time discounting was associated with greater weight loss. Findings varied by how time discount rates were measured; stronger results were observed for food than monetary‐based measurements. Network co‐citation analysis revealed a concentration of research in nutrition journals. Overall, there is moderate evidence that high time discounting is a significant risk factor for unhealthy diets, overweight and obesity and may serve as an important target for intervention. © 2016 The Authors Obesity Reviews published by John Wiley & Sons Ltd on behalf of International Association for the Study of Obesity (IASO)

The Effect of Risk Aversion and Loss Aversion on Equity-Linked Life Insurance With Surrender Guarantees

This paper values equity-linked life insurance contracts with surrender guarantees for risk averse and loss averse policyholders in continuous time. With increasing risk aversion, policyholders surrender their insurances for higher values of the underlying equity fund, compared to an optimally stopped insurance contract, leading to substantial losses. Moreover, high discounting amplifies suboptimal surrender behavior. Loss averse policyholders display a different surrender behavior: Such policyholders surrender only policies for which the surrender benefit represents a large gain, while holding on to less successful contracts, so that the disposition effect increases the contract value relative to a contract stopped by a risk averse policyholder.

Time horizons and substance use among African American youths living in disadvantaged urban areas

Transitioning from adolescence to full-fledged adulthood is often challenging, and young people who live in disadvantaged urban neighborhoods face additional obstacles and experience disproportionately higher negative outcomes, including substance abuse and related risk behaviors. This study investigated whether substance use among African Americans ages 15 to 25 (M=18.86years) living in such areas was related to present-dominated time perspectives and higher delay discounting. Participants (N=344, 110 males, 234 females) living in Deep South disadvantaged urban neighborhoods were recruited using Respondent Driven Sampling, an improved peer-referral sampling method suitable for accessing this hard-to-reach target group. Structured field interviews assessed alcohol, tobacco, and illicit drug use and risk/protective factors, including time perspectives (Zimbardo Time Perspective Inventory [ZTPI]) and behavioral impulsivity (delay discounting task). As predicted, substance use was positively related to a greater ZTPI orientation toward present pleasure and a lower tendency to plan and achieve future goals. Although the sample as a whole showed high discounting of delayed rewards, discount rates did not predict substance use. The findings suggest that interventions to lengthen time perspectives and promote enriched views of future possible selves may prevent and reduce substance use among disadvantaged youths. Discontinuities among the discounting and time perspective variables in relation to substance use merit further investigation.

Coding of the long-term value of multiple future rewards in the primate striatum

Decisions maximizing benefits involve a tradeoff between the quantity of a reward and the cost of elapsed time until an animal receives it. The estimation of long-term reward values is critical to attain the most desirable outcomes over a certain period of time. Reinforcement learning theories have established algorithms to estimate the long-term reward values of multiple future rewards in which the values of future rewards are discounted as a function of how many steps of choices are necessary to achieve them. Here, we report that presumed striatal projection neurons represent the long-term values of multiple future rewards estimated by a standard reinforcement learning model while monkeys are engaged in a series of trial-and-error choices and adaptive decisions for multiple rewards. We found that the magnitude of activity of a subset of neurons was positively correlated with the long-term reward values, and that of another subset of neurons was negatively correlated throughout the entire decision-making process in individual trials: from the start of the task trial, estimation of the values and their comparison among alternatives, choice execution, and evaluation of the received rewards. An idiosyncratic finding was that neurons showing negative correlations represented reward values in the near future (high discounting), while neurons showing positive correlations represented reward values not only in the near future, but also in the far future (low discounting). These findings provide a new insight that long-term value signals are embedded in two subsets of striatal neurons as high and low discounting of multiple future rewards.