 Other deviations from the discounted utility model have also been demonstrated. Experimental evidence indicates that we tend to discount gains more than losses, and small amounts more than large amounts. Discount rates also differ between different goods (such as money and health). For some—but only some—types of goods, improving sequences of outcomes are preferred to declining sequences. For instance, many would prefer an increasing rather than a decreasing living standard across their work life. These are all patterns that cannot be handled in the bifactorial model with its object-independent time preferences (Loewenstein et al 2002). Given the empirical evidence, it is an open question whether the concept of “time preferences” is at all descriptively adequate.