Obtained subjective values and the best-fitting hyperbolic curves (Eq. 1) as a function of the delay unique to the delivery of the larger, delayed reward. Each curve represents a different common delay condition (i.e., the delay common to the smaller, sooner and the larger, later rewards). The left panel shows the mean subjective value of a $200 reward discounted by humans, and the right panel shows the mean subjective value of a 30-pellet reinforcer discounted by pigeons. Data are from Experiment 1 of “Temporal discounting when the choice is between two delayed rewards,” by L. Green, J. Myerson, and E. W. Macaux, 2005, Journal of Experimental Psychology: Learning, Memory, and Cognition, 31, 1121–1133 and Experiment 2 of “Discounting in pigeons when the choice is between two delayed rewards: Implications for species comparisons,” by A. L. Calvert, L. Green, and J. Myerson, 2011, Frontiers in Neuroscience, 5, 1–10.