THE ALLOCATION OF TIME IN DECISION-MAKING

被引：54

作者：

Chabris, Christopher F. ^{[1
]}

Morris, Carrie L. ^{[2
]}

Taubinsky, Dmitry ^{[3
]}

Laibson, David ^{[3
]}

Schuldt, Jonathon P. ^{[4
]}

机构：

[1] Union Coll, Schenectady, NY 12308 USA

[2] Washington Univ St Louis, St Louis, MO USA

[3] Harvard Univ, Cambridge, MA 02138 USA

[4] Univ Michigan, Ann Arbor, MI 48109 USA

来源：

JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION | 2009年 / 7卷 / 2-3期

关键词：

D O I：

10.1162/JEEA.2009.7.2-3.628

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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 she analyzes a choice problem, and (3) allocates time optimally, then the decision-maker should spend less time choosing when the value gap between two options is relatively large. To test this prediction we asked 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 decision-making is a cognitively costly activity that uses time as an input allocated according to cost-benefit principles. (JEL: C0, D01, D03, D87, D9)

引用

页码：628 / 637

页数：10

共 11 条

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