Criticism
An article from 2003 noted that the evidence might be better explained by a similarity heuristic than by hyperbolic discounting. Similarly, a 2011 paper criticized the existing studies for mostly using data collected from university students and being too quick to conclude that the hyperbolic model of discounting is correct.
A study by Daniel Read introduces "subadditive discounting": the fact that discounting over a delay increases if the delay is divided into smaller intervals. This hypothesis may explain the main finding of many studies in support of hyperbolic discounting—the observation that impatience declines with time–while also accounting for observations not predicted by hyperbolic discounting.
Read more about this topic: Hyperbolic Discounting
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