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dc.contributor.author	Laibson, David I.
dc.contributor.author	Schuldt, Jonathan P.
dc.contributor.author	Chabris, Christopher F
dc.contributor.author	Morris, Carrie L.
dc.contributor.author	Taubinsky, Dmitry
dc.date.accessioned	2010-10-14T14:18:18Z
dc.date.issued	2009
dc.identifier.citation	Chabris, Christopher F., David Laibson, Carrie L. Morris, Jonathan P. Schuldt, and Dmitry Taubinsky. 2009. The allocation of time in decision-making. Journal of the European Economic Association 7(2-3): 628-637.	en_US
dc.identifier.issn	1542-4766	en_US
dc.identifier.uri	http://nrs.harvard.edu/urn-3:HUL.InstRepos:4481495
dc.description.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.	en_US
dc.description.sponsorship	Economics	en_US
dc.language.iso	en_US	en_US
dc.publisher	Massachusetts Institute of Technology Press	en_US
dc.relation.isversionof	www.mitpressjournals.org/doi/abs/10.1162/JEEA.2009.7.2-3.628	en_US
dc.relation.isversionof	doi:10.1162/JEEA.2009.7.2-3.628	en_US
dc.relation.hasversion	http://wjh1.wjh.harvard.edu/~cfc/Chabris2008b.pdf	en_US
dc.relation.hasversion	http://econpapers.repec.org/scripts/redir.plex?u=http%3A%2F%2Fwww.mitpressjournals.org%2Fdoi%2Fpdfplus%2F10.1162%2FJEEA.2009.7.2-3.628;h=repec:tpr:jeurec:v:7:y:2009:i:2-3:p:628-637	en_US
dash.license	OAP
dc.title	The Allocation of Time in Decision-Making	en_US
dc.type	Journal Article	en_US
dc.description.version	Author's Original	en_US
dc.relation.journal	Journal- European Economic Association	en_US
dash.depositing.author	Laibson, David I.
dc.date.available	2010-10-14T14:18:18Z

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  Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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