A Closer Look at the Yardstick: A New Discount Rate Measure with Precision and Range

In intertemporal choice research, choice tasks (i.e., choosing between 80 today and 00 in a year) are often used to elicit a discount rate. The discount rate derived from a choice task, however, is largely restricted by the granularities and ranges of the questions asked. We examined this restriction in three popular discount rate measurements using simulations and experiments, and we propose an alternative procedure (Three‐option Adaptive...