How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money
Abstract
We demonstrate that decision making is more heuristic in situations that involve spending time rather than money. Relative to participants in the money condition, those in the time condition show a higher propensity to choose a compromise option (experiment 1) and to rely on an arbitrary anchor (experiment 2). We propose that such heuristics are used more for time because, compared to monetary expenditures, temporal expenditures are harder to...
Paper Details
Title
How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money
Published Date
Apr 1, 2008
Journal
Volume
34
Issue
6
Pages
914 - 922
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