Myerson, J., Green, L., & Warusawitharana, M. (2001).
Area under the curve as a measure of discounting.
Journal of the Experimental Analysis of Behavior,
76, 235-243.
We describe a novel approach to the measurement of discounting
based on calculating the area under the empirical discounting
function. This approach avoids some of the problems associated
with measures based on estimates of the parameters of theoretical
discounting functions. The area measure may be easily calculated
for both individual and group data collected using any of a
variety of current delay and probability discounting procedures.
The present approach is not intended as a substitute for
theoretical discounting models. It is useful, however, to have a
simple, univariate measure of discounting that is not tied to any
specific theoretical framework.
Key words: discounting, area under the curve, delay, probability