@article{ref1,
title="Risk attitude in small timesaving decisions",
journal="Journal of experimental psychology: applied",
year="2006",
author="Munichor, Nira and Erev, Ido and Lotem, Arnon",
volume="12",
number="3",
pages="129-141",
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.<p /> <p>Language: en</p>",
language="en",
issn="1076-898X",
doi="10.1037/1076-898X.12.3.129",
url="http://dx.doi.org/10.1037/1076-898X.12.3.129"
}