LAUSR

The concept of 'value' has enjoyed a central position in many theoretical accounts of choice behaviour. Several definitions of 'value' are contrasted in this paper, and one particular approach is defended, whereby value is defined as a dimensionless intervening variable. This definition is a cornerstone of the multiplicative hyperbolic model of choice (MHM), which was proposed twenty years ago as a modification of Mazur's (1987) hyperbolic model of delay discounting. This paper reviews some of the merits and shortcomings of MHM, and suggests some ways in which MHM might be extended and improved. A formal link between 'value' and the related concept of 'response strength' is suggested, and revisions of the model are proposed which may enable it to accommodate several behavioural phenomena not considered in the original formulation. Broadening the scope of MHM comes at the cost of adding to its burden of free parameters, and it is emphasised that addition of any new parameters needs empirical justification. The status of value as a dimensionless intervening variable is upheld; however it is noted that a growing body of empirical evidence for links between neurobiological phenomena and value suggests that interpretation of value as a hypothetical construct may be warranted.