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Darren Dahl (Editor in Chief)Eileen FischerGita JoharVicki Morwitz

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How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money

Ritesh Saini, Ashwani Monga
DOI: http://dx.doi.org/10.1086/525503 914-922 First published online: 1 April 2008

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 account for. Consistent with this proposition, when participants in both time and money conditions are primed to account for their expenditures, they no longer differ in their use of heuristics. The associated response times offer additional process evidence (experiment 3).

  • Behavioral Decision Theory
  • Information Search/Acquisition
  • Judgment and Decision Making
  • Time
  • Experimental Design and Analysis (ANOVA)
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