TY  - JOUR
PY  - 2006//
TI  - Risk attitude in small timesaving decisions
JO  - Journal of experimental psychology: applied
A1  - Munichor, Nira
A1  - Erev, Ido
A1  - Lotem, Arnon
SP  - 129
EP  - 141
VL  - 12
IS  - 3
N2  - 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>
LA  - en
SN  - 1076-898X
UR  - http://dx.doi.org/10.1037/1076-898X.12.3.129
ID  - ref1
ER  -