dc.contributor.author | Chabris, Christopher F | |
dc.contributor.author | Laibson, David I. | |
dc.contributor.author | Morris, Carrie L. | |
dc.contributor.author | Schuldt, Jonathan P. | |
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 | |
dc.identifier.doi | 10.1162/JEEA.2009.7.2-3.628 | * |
dash.contributor.affiliated | Chabris, Christopher | |
dash.contributor.affiliated | Taubinsky, Dmitry | |
dash.contributor.affiliated | Laibson, David | |