Discounting or intra-attribute comparison: A review of choice mechanism in intertemporal choice

The discounting function, and its related hyperbolic model have been popular in the domain of intertemporal choice. The discounting function can index individual differences, and preference variation in some conditions of intertemporal choice. However, limitations, such as unclear external validity of the task, and inability to address non-additivity, also exist for the discounting function. Recent studies have found that the intra-attribute comparison is a more plausible choice mechanism to explain intertemporal choice. This mechanism has received support from quantitative modeling and behavioral/physiological evidence. However, more research is in demand to compare and contrast these two mechanisms in intertemporal choice before drawing a clear conclusion. Individual differences and task differences should also be taken into account when investigating these mechanisms.