Work

The behavioral economics of choice and interval timing.

Year: 2009

Type: article

Abstract: The authors propose a simple behavioral economic model (BEM) describing how reinforcement and interval timing interact. The model assumes a Weber-law-compliant logarithmic representation of time. Associated with each represented time value are the payoffs that have been obtained for each possible response. At a given real time, the response with the highest payoff is emitted. The model accounts for a wide range of data from procedures such as simple bisection, metacognition in animals, economic effects in free-operant psychophysical procedures, and paradoxical choice in double-bisection procedures. Although it assumes logarithmic time representation, it can also account for data from the time-left procedure usually cited in support of linear time representation. It encounters some difficulties in complex free-operant choice procedures, such as concurrent mixed fixed-interval schedules as well as some of the data on double bisection, which may involve additional processes. Overall, BEM provides a theoretical framework for understanding how reinforcement and interval timing work together to determine choice between temporally differentiated reinforcers.

Source: Psychological Review

DOI: 10.1037/a0016171

Authors: J. Jozefowiez, J. E. R. Staddon, D. T. Cerutti

Institutions: University of Minho, Duke University, California State University, East Bay

Language: English

Topic: Decision-Making and Behavioral Economics

Subfield: General Decision Sciences

Field: Decision Sciences

Domain: Social Sciences

Open Access status: green

Funders: National Institutes of Health, National Institute of Mental Health

Awards: Associative Determinants of Performance, G7108845585, G8262206542