When a sequence of outcomes needs to be evaluated for making decisions in an intertemporal setting, the common practice in economic theory is to compute the discounted utility of the sequence using exponential discounting. Despite its prevalence, this particular functional form has frequently been challenged on empirical grounds. As a result, many alternative models have been proposed to explain violations of this model. I study two such models that can accommodate common violations of constant discounted utility: variation aversion and decreasing impatience. Earlier work on these models presented their characterizations in terms of preference conditions. These conditions can be cumbersome and hence difficult to use in experimental studies for testing the theories. I show that the functional forms in these models can be characterized by present value conditions instead. Being a more familiar and intuitive concept than a preference relation, present value simplifies the existing characterizations.