We disentangle hyperbolic discounting from subjective time perception using experimental data from incentive-compatible tests to measure time preferences, and a set of experimental tasks to measure time perception. Two behavioral parameters are related to two factors affecting how we look ahead to future events. The first is some component of time preferences reflecting hyperbolic discounting. The second factor is that non-constant discounting may also be a reflection of subjective time perception: if people’s perception of time follows a near logarithmic process (as heat, sound, and light do) then estimates of individual discounting will be mis-measured and incorrectly suggest hyperbolic discounting even if discounting over subjective time is constant. We empirically estimate the two distinct behavioral parameters using data collected from 178 participants in a lab experiment. The results support the hypothesis that apparent non-constant discounting is largely a reflection of non-linear subjective time perception.

中文翻译：

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展望未来：主观时间感知和个人折扣

我们使用激励兼容测试的实验数据来测量时间偏好，并使用一组实验任务来测量时间感知，从而从主观时间感知中解开双曲线折扣。两个行为参数与影响我们对未来事件的展望的两个因素有关。第一个是反映双曲线折扣的时间偏好的某些组成部分。第二个因素是，非恒定折扣也可能是主观时间感知的反映：如果人们对时间的感知遵循近似对数过程（如热，声和光），那么对单个折扣的估计将被错误地衡量，并且即使主观时间内的折扣不变，也错误地建议使用双曲线折扣。我们使用从实验中的178名参与者收集的数据，根据经验估计两个不同的行为参数。结果支持这样的假设，即明显的非恒定折扣在很大程度上反映了非线性主观时间感知。