Maree J. Hunt

Rewards lose value as a function of delay. Previous studies suggest that delays have a bigger effect on reward value when people must wait during the delay. However, whether delays involve waiting or postponing has often been confounded with whether choices are about hypothetical or real rewards. The current study characterized the effects of waiting and postponing in hypothetical and experiential choice contexts separately. In Experiment 1 we observed steeper delay discounting for waiting than for postponing in choices about both hypothetical money and about experienced computer game points. Two factors potentially contributing to steeper discounting in choices about waiting are reduced access to other rewards and direct costs of waiting. In Experiment 2, we adapted the experiential delay‐discounting task to manipulate each factor separately. Reduced access to other reinforcers had a bigger effect on delay discounting than direct costs of waiting. These results underscore the importance of considering the unique influence of waiting and associated opportunity costs in both basic delay‐discounting research and in applied contexts.