Journal Articles
Abstract:
People often forsake a larger reward later for a smaller reward sooner. The process of devaluing the larger, later prize is called temporal discounting or delay discounting, which lies at the core of intertemporal choice. Here, we describe the methodology and findings of research on the mechanisms of intertemporal choice, with a focus on those that utilize functional MRI (fMRI). We consider the neural bases for the most common economic models of intertemporal choice and examine whether these models require neural processes that are common or distinct across types of decision making. Considered as a whole, current research points to potentially distinct contributions from brain systems associated with valuation and with prospective thought, which may be reflected in separable foci in posterior cingulate cortex. Based on open questions in the field, we suggest two core goals for future research: identifying aspects of valuation that are unique to intertemporal choice and evaluating direct or indirect interactions between delay and prize magnitude. © 2010 American Psychological Association.