The Influence of Time Estimation and Time‐Saving Preferences on Learning to Make Temporally Dependent Decisions from Experience

Abstract

In this paper, we merge research related to experiential learning, temporal perception, and the value of time and money by examining decisions where the timing of action (response) determines the outcome received. We predicted that time‐saving preferences and impatience would decrease maximization (i.e., taking action when it returned the largest reward), and that the constraints of temporal perception would compound their effects. Across three studies, participants undershot on average (i.e., responded earlier than the period of time during which a response would return the maximal reward) showed a preference for shorter‐delay options and often did not find the maximal reward. In addition, participants' reliance on temporal perception increased undershooting, increased preferences for shorter‐delay options, and reduced maximization. Nevertheless, participants who found the maximal reward continued to maximize at a high rate rather than opting for shorter delays and smaller rewards. Thus, while most participants appeared to have a preference for saving time, most behaved as reward maximizers rather than temporal discounters. Copyright © 2017 John Wiley & Sons, Ltd.

Speed-accuracy trade-offs in sample-based decisions.

“…Similarly, in their discussion of why participants often base decisions on small samples (typically seven to nine observations per option), Hertwig and Pleskac (2010) stipulated that decision makers must have a good grasp of the relation between accuracy and sample size, and they must be very conscious of the time cost of longer sampling. Still other researchers observed a basic tendency to respond too quickly on a task that rendered payoff dependent on short versus long delay (Ashby & Gonzalez, 2017).…”

What the Future Holds and When: A Description–Experience Gap in Intertemporal Choice

“…Finally, let us highlight that experiential learning occurs in different ways in intertemporal choice (e.g., Ashby & Gonzalez, 2017). The sampling approach implemented here captures one form of experiential learning-for instance, asking friends how long they waited in 6 Mapping research on risky choice on intertemporal choice would suggest that the direction of the gap and the underlying difference in probability weighting may change when the safe option is also replaced by a timing lottery (Glö ckner, Hilbig, Henninger, & Fiedler, 2016;Kellen, Pachur, & Hertwig, 2016).…”

“…Finally, we want to emphasize that in intertemporal choice, experiential learning can occur in various ways (e.g., Ashby & Gonzalez, 2017). The sampling approach implemented here captures only one form of experiential learning—for instance, asking friends how long they waited in line to get into a popular club or searching one’s memory for waiting times at the general practitioner when pondering whether to find another doctor.…”

What the future holds and when A description-experience gap in intertemporal choice

“…Finally, let us highlight that experiential learning occurs in different ways in intertemporal choice (e.g., Ashby & Gonzalez, 2017). The sampling approach implemented here captures one form of experiential learning-for instance, asking friends how long they waited in 6 Mapping research on risky choice on intertemporal choice would suggest that the direction of the gap and the underlying difference in probability weighting may change when the safe option is also replaced by a timing lottery (Glö ckner, Hilbig, Henninger, & Fiedler, 2016;Kellen, Pachur, & Hertwig, 2016). line to get into a popular club or sampling one's memory for waiting times for the general practitioner when pondering whether to find another doctor.…”