Psychophysics of time perception and valuation in temporal discounting of gain and loss

Anomalies in intertemporal choice (e.g. “hyperbolic” discounting and sign effect) have been investigated in econophysics and behavioral neuroeconomics. We experimentally examined the roles of psychophysical effects of time perception and subjective valuation of outcomes (value function) on temporal discounting of gain and loss, by utilizing a q$q$-exponential temporal discounting model developed in Tsallis’s thermostatistics. Consequently, we demonstrated that both “hyperbolic” discounting and the sign effect (i.e. gain is more steeply time-discounted than loss) are due to psychophysical effects of time perception (i.e., nonlinearity and gain–loss asymmetry). Implications of the present study for neuroeconomics and econophysics are discussed.     

Life-space foam: A medium for motivational and cognitive dynamics

General stochastic dynamics, developed in a framework of Feynman path integrals, have been applied to Lewinian field-theoretic psychodynamics [K. Lewin, Field Theory in Social Science, University of Chicago Press, Chicago, 1951; K. Lewin, Resolving Social Conflicts, and, Field Theory in Social Science, American Psychological Association, Washington, 1997; M. Gold, A Kurt Lewin Reader, the Complete Social Scientist, American Psychological Association, Washington, 1999], resulting in the development of a new concept of life-space foam (LSF) as a natural medium for motivational and cognitive psychodynamics. According to LSF formalisms, the classic Lewinian life space can be macroscopically represented as a smooth manifold with steady force fields and behavioral paths, while at the microscopic level it is more realistically represented as a collection of wildly fluctuating force fields, (loco)motion paths and local geometries (and topologies with holes). A set of least-action principles is used to model the smoothness of global, macro-level LSF paths, fields and geometry. To model the corresponding local, micro-level LSF structures, an adaptive path integral is used, defining a multi-phase and multi-path (multi-field and multi-geometry) transition process from intention to goal-driven action. Application examples of this new approach include (but are not limited to) information processing, motivational fatigue, learning, memory and decision making.