The allocation of time in decision-making *
| Citations: | 1 - 0 self |
BibTeX
@MISC{Chabris_theallocation,
author = {Christopher F. Chabris and David Laibson and Carrie L. Morris and Jonathon P. Schuldt and Dmitry Taubinsky and We Thank Kirill Babikov and Lee Chung and Alison H. Delargy and Margaret E. Gerbasi and J. Richard and Stephen M. Kosslyn and Melissa A. Liebert and Sarah Murphy and Jacob Sattelmair},
title = {The allocation of time in decision-making *},
year = {}
}
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Abstract
We study the allocation of time across decision problems. If a decision-maker (1) has noisy estimates of value, (2) improves those estimates the longer he or she analyzes a choice problem, and (3) allocates time optimally, then the decision-maker should spend less time choosing when the difference in value between two options is relatively large. To test this prediction we ask subjects to make 27 binary incentive-compatible intertemporal choices, and measure response time for each decision. Our time allocation model explains 54 % of the variance in average decision time. These results support the view that decisionmaking is a cognitively costly activity that uses time as an input allocated according to cost-benefit principles.
Citations
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