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Empirical estimation of consistency parameter in intertemporal choice based on Tsallis’ statistics
| Title: | Empirical estimation of consistency parameter in intertemporal choice based on Tsallis’ statistics |
| Authors: | Takahashi, Taiki Browse this author →KAKEN DB | | Oono, Hidemi Browse this author | | Radford, Mark H.B. Browse this author |
| Keywords: | Discounting | | Neuroeconomics | | Impulsivity | | Econophysics |
| Issue Date: | 15-Jul-2007 |
| Publisher: | Elsevier B.V. |
| Journal Title: | Physica A: Statistical Mechanics and its Applications |
| Volume: | 381 |
| Start Page: | 338 |
| End Page: | 342 |
| Publisher DOI: | 10.1016/j.physa.2007.03.038 |
| Abstract: | Impulsivity and inconsistency in intertemporal choice have been attracting attention in econophysics and neuroeconomics. Although loss of self-control by substance abusers is strongly related to their inconsistency in intertemporal choice, researchers in neuroeconomics and psychopharmacology have usually studied impulsivity in intertemporal choice using a discount rate (e.g., hyperbolic k); with little effort being expended on parameterizing subject's inconsistency in intertemporal choice. Recent studies using Tsallis' statistics-based econophysics have found a discount function (i.e. q-exponential discount function), which may continuously parameterize a subject's consistency in intertemporal choice. In order to examine the usefulness of the consistency parameter (0≤q≤1) in the q-exponential discounting function in behavioral studies, we experimentally estimated the consistency parameter q in the Tsallis' statistics-based discounting function by assessing the points of subjective equality (indifference points) at seven delays (one week-25 years) in humans (N=24). We observed that most (N=19) subjects' intertemporal choice was completely inconsistent (q=0, i.e. hyperbolic discounting), the mean consistency (0≤q≤1) was smaller than 0.5, and only one subject had a completely consistent intertemporal choice (q=1, i.e. exponential discounting). There was no significant correlation between impulsivity and inconsistency parameters. Our results indicate that individual differences in consistency in intertemporal choice can be parameterized by introducing a q-exponential discount function and most people discount delayed rewards hyperbolically, rather than exponentially (i.e. mean q is smaller than 0.5). Further, impulsivity and inconsistency in intertemporal choice can be considered as separate behavioral tendencies. The usefulness of the consistency parameter q in psychopharmacological studies of addictive behavior was demonstrated in the present study. |
| Type: | article (author version) |
| URI: | http://hdl.handle.net/2115/51264 |
| Appears in Collections: | 文学院・文学研究院 (Graduate School of Humanities and Human Sciences / Faculty of Humanities and Human Sciences) > 雑誌発表論文等 (Peer-reviewed Journal Articles, etc)
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Submitter: 高橋 泰城
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