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Journal Article

Citation

Munichor N, Erev I, Lotem A. J. Exp. Psychol. Appl. 2006; 12(3): 129-141.

Affiliation

Max Wertheimer Minerva Center for Cognitive Studies, Behavioral Sciences, Faculty of Industrial Engineering and Management, Technion-Israel Institute of Technology, Haifa, Israel.

Copyright

(Copyright © 2006, American Psychological Association)

DOI

10.1037/1076-898X.12.3.129

PMID

16953740

Abstract

Four experiments are presented that explore situations in which a decision maker has to rely on personal experience in an attempt to minimize delays. Experiment 1 shows that risk-attitude in these timesaving decisions is similar to risk-attitude in money-related decisions from experience: A risky prospect is more attractive than a safer prospect with the same expected value only when it leads to a better outcome most of the time. Experiment 2 highlights a boundary condition: It suggests that a difficulty in ranking the relevant delays moves behavior toward random choice. Experiments 3 and 4 show that when actions must be taken during the delay (thereby helping compare delays), this increases the similarity of timesaving decisions to money-related decisions. In these settings the results reflect an increase in risk aversion with experience. The relationship of the results to the study of non-human time-related decisions, human money-related decisions and human time perception is discussed.


Language: en

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