An additive-utility model of delay discounting.

Goods remote in temporal, spatial, or social distance, or in likelihood, exert less control over our behavior than those more proximate. The decay of influence with distance, of perennial interest to behavioral economists, has had a renaissance in the study of delay discounting. By developing discount functions from marginal utilities, this article provides a framework that resolves several anomalies of intertemporal choice. Utilities are...