COGS 110 Lecture Notes - Lecture 12: Compulsive Gamblers, Frontal Lobe, Trojan War
3 Mar 2018
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Cogs 110 - lecture 12 - delay & impulsiveness. More expensive initially, but less expensive in the long run. In 2 well-cited studies, discount rates estimated based on purchase price & operating costs of home appliances. The estimated rates were shown to be significantly greater than typically assumed by economists (anywhere from 25 to 300% per year which is obviously well above the rates at which consumers borrow and invest) If pigeons choose green key, must do a little bit of work (5 pecks) after a 6 second delay. If they choose the red key, they have a 20 second delay till they have to work (which they strongly prefer). In the experiment, the amount of work they must do when choosing the red key is increased until the bird is indifferent to the 2 choices. The birds were willing to do 6x the work (30 pecks) in order to delay the work by 14 seconds.
