Chabris Christopher F, Laibson David, Morris Carrie L, Schuldt Jonathon P, Taubinsky Dmitry
Union College.
J Eur Econ Assoc. 2009;7(2):628-637. doi: 10.1162/jeea.2009.7.2-3.628.
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 he or she analyzes a choice problem, and (3) allocates time optimally, then the decision-maker should spend less time choosing when the difference in value between two options is relatively large. To test this prediction we ask 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.
我们研究了跨决策问题的时间分配。如果一个决策者(1)对价值有噪声估计,(2)分析一个选择问题的时间越长,对这些估计的改进就越大,并且(3)最优地分配时间,那么当两个选项之间的价值差异相对较大时,决策者应该花费更少的时间进行选择。为了检验这一预测,我们要求受试者做出27个二元激励兼容的跨期选择,并测量每个决策的反应时间。我们的时间分配模型解释了平均决策时间方差的54%。这些结果支持了这样一种观点,即决策是一项认知成本高昂的活动,它将时间作为一种根据成本效益原则分配的输入。