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| Author: | Chabris, C.F. (et al.) |
| Title: | The allocation of time in decision-making |
| Journal: | Journal of the European Economic Association
2009 : APR-MAY, VOL. 7:2-3, p. 628-637 |
| Index terms: | allocation time decision making |
| Language: | eng |
| Abstract: | This paper examines the allocation of time across decision problems. The decision maker should spend less time choosing when the value gap between two options is relatively large if the decision-maker has noisy estimates of value, improves those estimates the longer she analyzes a choice problem and allocates time optimally. To test this prediction, subjects were asked to make 27 binary incentive-compatible intertemporal choices and measure response time for each decision. The results support the view that decision-making is a cognitively costly activity that uses time as an input allocated according to cost-benefit principles. |
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