Exchanging the Liquidity Hypothesis: Delay Discounting of Money and Self-relevant Non-money Rewards

Overview

Journal Behav Processes

Specialty Social Sciences

Date 2015 Nov 12

PMID 26556504

Citations 2

Authors

Allison M Stuppy-Sullivan

Kayla N Tormohlen

Richard Yi

Affiliations

Soon will be listed here.

Abstract

Evidence that primary rewards (e.g., food and drugs of abuse) are discounted more than money is frequently attributed to money's high degree of liquidity, or exchangeability for many commodities. The present study provides some evidence against this liquidity hypothesis by contrasting delay discounting of monetary rewards (liquid) and non-monetary commodities (non-liquid) that are self-relevant and utility-matched. Ninety-seven (97) undergraduate students initially completed a conventional binary-choice delay discounting of money task. Participants returned one week later and completed a self-relevant commodity delay discounting task. Both conventional hypothesis testing and more-conservative tests of statistical equivalence revealed correspondence in rate of delay discounting of money and self-relevant commodities, and in one magnitude condition, less discounting for the latter. The present results indicate that liquidity of money cannot fully account for the lower rate of delay discounting compared to non-money rewards.

Citing Articles

Valuation of future alcohol in cross-commodity delay discounting is associated with alcohol misuse/consequences.

Taylor H, Smith A, Yi R Psychol Addict Behav. 2022; 37(1):166-176.

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Delay discounting of different outcomes: Review and theory.

Odum A, Becker R, Haynes J, Galizio A, Frye C, Downey H J Exp Anal Behav. 2020; 113(3):657-679.

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