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How long is a minute?

Isabelle Brocas, Juan D. Carrillo and Jorge Tarrasó

Games and Economic Behavior, 2018, vol. 111, issue C, 305-322

Abstract: 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.

Keywords: Laboratory experiments; Time perception; Time discounting; Time estimation (search for similar items in EconPapers)
JEL-codes: C91 D03 D91 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:eee:gamebe:v:111:y:2018:i:c:p:305-322