Psychophysics of time perception and intertemporal choice models

Intertemporal choice and psychophysics of time perception have been attracting attention in econophysics and neuroeconomics. Several models have been proposed for intertemporal choice: exponential discounting, general hyperbolic discounting (exponential discounting with logarithmic time perception of the Weber–Fechner law, a q-exponential discount model based on Tsallis’s statistics), simple hyperbolic discounting, and Stevens’ power law–exponential discounting (exponential discounting with Stevens’ power time perception). In order to examine the fitness of the models for behavioral data, we estimated the parameters and AICc (Akaike Information Criterion with small sample correction) of the intertemporal choice models by assessing the points of subjective equality (indifference points) at seven delays. Our results have shown that the orders of the goodness-of-fit for both group and individual data were [Weber–Fechner discounting (general hyperbola) > Stevens’ power law discounting > Simple hyperbolic discounting > Exponential discounting], indicating that human time perception in intertemporal choice may follow the Weber–Fechner law. Indications of the results for neuropsychopharmacological treatments of addiction and biophysical processing underlying temporal discounting and time perception are discussed.