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Temporal discounting (also known as delay discounting, time discounting) [12] is the tendency of people to discount rewards as they approach a temporal horizon in the future or the past (i.e., become so distant in time that they cease to be valuable or to have addictive effects). To put it another way, it is a tendency to give greater value to ...
An abstract, high-level construal of an activity (e.g., "learning to speak French") may lead to a more positive evaluation of that activity than a concrete, low-level construal (e.g., "learning to conjugate the irregular French verb 'avoir ' "). Thus, CLT predicts that we will think about the value of the low-level construals when evaluating an ...
Exponential discounting yields time-consistent preferences. Exponential discounting and, more generally, time-consistent preferences are often assumed in rational choice theory, since they imply that all of a decision-maker's selves will agree with the choices made by each self. Any decision that the individual makes for himself in advance will ...
Given two similar rewards, humans show a preference for one that arrives in a more prompt timeframe. Humans are said to discount the value of the later reward, by a factor that increases with the length of the delay. In the financial world, this process is normally modeled in the form of exponential discounting, a time-consistent model of ...
It is calculated as the present discounted value of future utility, and for people with time preference for sooner rather than later gratification, it is less than the future utility. The utility of an event x occurring at future time t under utility function u, discounted back to the present (time 0) using discount factor β, is
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Learning models are a way of explaining and predicting strategic decisions in behavioral game theory. More specifically, they aim to explain how player's choices may change when given the chance to learn about their opponents or the game. [7] There are three different types of learning models. The first is reinforcement learning.
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