How long is a minute?

• 成果类型: Article
• 署名作者: Brocas, Isabelle; Carrillo, Juan D.; Tarraso, Jorge
• 署名单位: University of Southern California; Center for Economic & Policy Research (CEPR); Centre for Economic Policy Research - UK
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2018.06.007
• 发表日期: 2018
• 页码: 305-322
• 关键词: Laboratory experiments; Time perception; Time discounting; Time estimation

摘要

Psychophysics studies suggest that our perception of time is different from the objective passage of time. Economics research emphasizes that the value of a reward depends on the delay involved. In this paper, we combine both strands and estimate time perception and time discounting functions at the individual level in an incentivized controlled laboratory environment. We find a negative and statistically significant correlation between time perception and time discounting: subjects who overestimate objective time intervals are less willing to delay gratification. The result suggests that our ability to delay consumption is related to our mental representation of time delays. (C) 2018 Elsevier Inc. All rights reserved.