Temporal discounting

Developmental psychology

Economics

Discounting

Psychology

Intertemporal choice

Econometrics

Meta-analysis

Internal medicine

Delay discounting

Impulsivity

Medicine

Finance

Psychology and Aging

A number of developmental theories have been proposed that make differential predictions about the links between age and temporal discounting, or the devaluation of future rewards. Most empirical studies examining adult age differences in temporal discounting have relied on economic intertemporal choice tasks, which pit choosing a smaller, sooner monetary reward against choosing a larger, later one. Although initial studies using these tasks suggested older adults discount less than younger adults, follow-up studies provided heterogeneous, and thus inconclusive, results. Using an open science approach, we test the replicability of adult age differences in temporal discounting by conducting a preregistered systematic literature search and meta-analysis of adult age differences in intertemporal choice tasks. Across 37 cross-sectional studies (Total N = 104,737), a planned meta-analysis found no sizeable relation between age and temporal discounting, r = -0.068, 95% CI [-0.170, 0.035]. We also found little evidence of publication bias or p-hacking. Exploratory analyses of moderators found no effect of research design (e.g., extreme-group vs. continuous age), incentives (hypothetical vs. real rewards), duration of delay (e.g., days, weeks, months, or years), or quantification of discounting behavior (e.g., proportion of immediate choices vs. parameters from computational modeling). Additional analyses of 12 participant-level data sets found little support for a nonlinear relation between age and temporal discounting across adulthood. Overall, the results suggest that younger, middle-aged, and older adults show similar preferences for smaller, sooner over larger, later rewards. We provide recommendations for future empirical work on temporal discounting across the adult life span. (PsycInfo Database Record (c) 2022 APA, all rights reserved).

Temporal discounting across adulthood: A systematic review and meta-analysis.