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Write down and describe the value discount function. Draw a typical graph of this function. Explain...

Write down and describe the value discount function. Draw a typical graph of this function. Explain the psychological meaning of this graph. What is this function normally used for? How could it explain individual differences due to addiction to, say, nicotine or cocaine?

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Value discount function is a special type of values for the present scenerio which is related to the future. Temporal discounting refers to the fact that more will be the delay in reward , the presence will be much more faded. For example -- immidiate enjoyment of earning money is associated with the use of that money in future. According to Mises 1949, in discounted utility theory the psychological discount rate is a key decision parameter in an inter temporal situation.

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