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dc.contributor.authorChabris, Christopher F
dc.contributor.authorLaibson, David I.
dc.contributor.authorMorris, Carrie L.
dc.contributor.authorSchuldt, Jonathan P.
dc.contributor.authorTaubinsky, Dmitry
dc.date.accessioned2010-10-14T14:18:18Z
dc.date.issued2009
dc.identifier.citationChabris, 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.issn1542-4766en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:4481495
dc.description.abstractWe 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.sponsorshipEconomicsen_US
dc.language.isoen_USen_US
dc.publisherMassachusetts Institute of Technology Pressen_US
dc.relation.isversionofwww.mitpressjournals.org/doi/abs/10.1162/JEEA.2009.7.2-3.628en_US
dc.relation.isversionofdoi:10.1162/JEEA.2009.7.2-3.628en_US
dc.relation.hasversionhttp://wjh1.wjh.harvard.edu/~cfc/Chabris2008b.pdfen_US
dc.relation.hasversionhttp://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:628-637en_US
dash.licenseOAP
dc.titleThe Allocation of Time in Decision-Makingen_US
dc.typeJournal Articleen_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalJournal- European Economic Associationen_US
dash.depositing.authorLaibson, David I.
dc.date.available2010-10-14T14:18:18Z
dc.identifier.doi10.1162/JEEA.2009.7.2-3.628*
dash.contributor.affiliatedChabris, Christopher
dash.contributor.affiliatedTaubinsky, Dmitry
dash.contributor.affiliatedLaibson, David


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