Altering participants' hypothetical annual income can alter their rates of discounting the same delayed monetary outcome.

Delay discounting occurs when the subjective value of an outcome decreases because its delivery is delayed. Past research has shown that how steeply participants discount an outcome varies inversely with the value of previously discounted outcomes. In the present study, participants discounted the same hypothetical monetary outcome ($1,000) after their hypothetical annual income was halved (Experiment 1) or doubled (Experiment 2). Rates of discounting decreased and increased, respectively, after these manipulations (although a similar change in discounting was observed for the control and treatment groups in Experiment 2). These results suggest that altering the context in which the discounting task is framed alters the subjective value of the outcome itself, in this case money. This result has implications for understanding contrast effects that are observed in rates of discounting, as well as for researchers and practitioners who are interested in determining methods for altering how individuals discount delayed outcomes.