Two experiments are being carried out with the purpose of assessing the effects of consumption time on the hyperbolic discounting of the values of delayed rewards, In Experiment 1, undergraduate students were presented with a hypothetical reward (access to a luxury car with all expenses taken care of). Their task consisted on assigning arbitrary numbers that represented their "degree of happiness" when receiving the reward. Rewards varied in consumption time (15 days vs. one month of access to the car) and in delay to consumption (one day, one month or one year). Each subject assigned an arbitrary number for each combination of consumption time and delay of reward. Partial results of this experiment have showed that as delay increased, the value of the reward decreased. It is expected that the subjects on this group will show data consistent with the magnitude effect, where larger rewards are discounted less steeply than the smaller ones. Once this is achieved, Experiment 2 will present subjects with a situation almost identical to that of Experiment 1, with the restriction that consumption time will be kept constant. The value of the reward will be changed through variations of quality of reinforcement (luxury vs. non-luxury car). Again, subjects will assign arbitrary numbers for each combination of quality and delay. If the steepness of the discounting function for the two rewards of different quality but identical time of consumption is the same (i.e. magnitude effect disappears), then the effect would be attributed to the different consumption times associated with the rewards that are typically used in hyperbolic discounting research. This research was supported by University Grant No. 431-3324C, No. 5 R37 MH44049 and the Simons Grant No. 265210.