Price hikes and increased taxes on cigarettes reflect the findings of Delay Discounting of behavioral economics. Delay discounting is the decrease in the present value of a reward as the date of receipt approaches. Value decreases hyperbolically with delay across a wide range of species, communities, and reward types.
Shorter delays result in steeper value declines, while longer waits result in shallower declines. Delayed reward discounting (DRD) is a behavioral economic time preference index that refers to how much an individual devalues a reward based on its delay in time, and it has been connected to a variety of health behaviors.
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