We examine the confounding between models of intertemporal choice. Critical outputs from hyperbolic, exponential and arithmetic discounting are all highly multicolinear in commonly used research designs. This confounding means that if one model defines a participant as impulsive, they all will:...

The paper presents an unusually comprehensive empirical comparison of delay discounting/intertemporal choice models. A three-component model is developed, with power laws modeling subjective time, subjective money, and magnitude sensitivity. It nests several other models in the literature, among...