What is a decay constant?
A decay constant (k) is the continuous-time rate parameter in x(t) = x₀e−kt, describing how fast a quantity shrinks when the loss is applied smoothly rather than in discrete steps. It relates to the periodic decay rate r through k = −ln(1 − r).
A larger k means faster decay: k = 0.10 shrinks a quantity noticeably quicker than k = 0.01 over the same stretch of time.