A tribute to Howard Rachlin and his two-parameter discounting model: Reliable and flexible model fitting

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dc.contributor.authorFranck, Christopher T.en
dc.contributor.authorTraxler, Haily K.en
dc.contributor.authorKaplan, Brent A.en
dc.contributor.authorKoffarnus, Mikhail N.en
dc.contributor.authorRzeszutek, Mark J.en
dc.date.accessioned2023-04-13T17:31:34Zen
dc.date.available2023-04-13T17:31:34Zen
dc.date.issued2023-01en
dc.description.abstractDelay discounting reflects the rate at which a reward loses its subjective value as a function of delay to that reward. Many models have been proposed to measure delay discounting, and many comparisons have been made among these models. We highlight the two-parameter delay discounting model popularized by Howard Rachlin by demonstrating two key practical features of the Rachlin model. The first feature is flexibility; the Rachlin model fits empirical discounting data closely. Second, when compared with other available two-parameter discounting models, the Rachlin model has the advantage that unique best estimates for parameters are easy to obtain across a wide variety of potential discounting patterns. We focus this work on this second feature in the context of maximum likelihood, showing the relative ease with which the Rachlin model can be utilized compared with the extreme care that must be used with other models for discounting data, focusing on two illustrative cases that pass checks for data validity. Both of these features are demonstrated via a reanalysis of discounting data the authors have previously used for model selection purposes.en
dc.description.versionPublished versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1002/jeab.820en
dc.identifier.eissn1938-3711en
dc.identifier.issue1en
dc.identifier.pmid36516020en
dc.identifier.urihttp://hdl.handle.net/10919/114499en
dc.identifier.volume119en
dc.language.isoenen
dc.publisherWileyen
dc.rightsCreative Commons Attribution-NonCommercial 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/en
dc.subjectmodel fittingen
dc.subjectintertemporal choiceen
dc.subjectdiscounted valueen
dc.subjectoptimizationen
dc.subjectmaximum likelihooden
dc.titleA tribute to Howard Rachlin and his two-parameter discounting model: Reliable and flexible model fittingen
dc.title.serialJournal of the Experimental Analysis of Behavioren
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten

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