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The authors are very grateful for the valuable comments and suggestions offered by two anonymous referees. The authors would like to thank the participants in the "V Encuentro Internacional de Especializacion para la Investigacion en Economia y Empresa", held in Granada, Spain, from 29 to 30 of November, 2018, for their helpful comments. This paper has been partially supported by the project "La sostenibilidad del sistema nacional de salud: reformas, estrategias y propuestas," reference: DER2016-76053-R, Ministry of Economy and Competitiveness.

Analysis of institutional authors

Parra Oller, Isabel MaríaAuthor

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April 7, 2021
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Discount models in intertemporal choice: an empirical analysis

Publicated to:European Journal Of Management And Business Economics. 30 (1): 73-92 - 2021-02-12 30(1), DOI: 10.1108/EJMBE-01-2019-0003

Authors: Parra Oller, Isabel María; Cruz Rambaud, Salvador; Valls Martínez, María del Carmen

Affiliations

Univ Almeria, Dept Econ & Business, Almeria, Spain - Author

Abstract

Purpose The main purpose of this paper is to determine the discount function which better fits the individuals' preferences through the empirical analysis of the different functions used in the field of intertemporal choice. Design/methodology/approach After an in-depth revision of the existing literature and unlike most studies which only focus on exponential and hyperbolic discounting, this manuscript compares the adjustment of data to six different discount functions. To do this, the analysis is based on the usual statistical methods, and the non-linear least squares regression, through the algorithm of Gauss-Newton, in order to estimate the models' parameters; finally, the AICc method is used to compare the significance of the six proposed models. Findings This paper shows that the so-called q-exponential function deformed by the amount is the model which better explains the individuals' preferences on both delayed gains and losses. To the extent of the authors' knowledge, this is the first time that a function different from the general hyperbola fits better to the individuals' preferences. Originality/value This paper contributes to the search of an alternative model able to explain the individual behavior in a more realistic way.

Keywords

anomaliesdecisionsdelaydiscount functiondiscounted utility modelempirical analysishypothetical moneylossespreferencespsychophysicsratesrealtime perceptionDiscount functionDiscounted utility modelEmpirical analysisIntertemporal choicePreferencesProbabilistic rewards

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal European Journal Of Management And Business Economics due to its progression and the good impact it has achieved in recent years, according to the agency Scopus (SJR), it has become a reference in its field. In the year of publication of the work, 2021, it was in position , thus managing to position itself as a Q2 (Segundo Cuartil), in the category Business and International Management.

From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 2.97, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Aug 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-08-02, the following number of citations:

  • WoS: 4
  • Scopus: 4

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-08-02:

  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 22 (PlumX).

It is essential to present evidence supporting full alignment with institutional principles and guidelines on Open Science and the Conservation and Dissemination of Intellectual Heritage. A clear example of this is:

Leadership analysis of institutional authors

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: First Author (PARRA OLLER, ISABEL MARÍA) .