Discounting Time and Time Discounting: Subjective Time Perception and Intertemporal Preferences

2009 ◽  
Vol 46 (4) ◽  
pp. 543-556 ◽  
Author(s):  
Gal Zauberman ◽  
B. Kyu Kim ◽  
Selin A. Malkoc ◽  
James R. Bettman
Keyword(s):  
Time Perception ◽  
Hyperbolic Discounting ◽  
Subjective Time ◽  
Multiple Time ◽  
Subjective Perceptions ◽  
Objective Time ◽  
Trade Offs ◽  
Intertemporal Preferences ◽  
Constant Rate ◽  
Within Subjects

Consumers often make decisions about outcomes and events that occur over time. This research examines consumers' sensitivity to the prospective duration relevant to their decisions and the implications of such sensitivity for intertemporal trade-offs, especially the degree of present bias (i.e., hyperbolic discounting). The authors show that participants' subjective perceptions of prospective duration are not sufficiently sensitive to changes in objective duration and are nonlinear and concave in objective time, consistent with psychophysical principles. More important, this lack of sensitivity can explain hyperbolic discounting. The results replicate standard hyperbolic discounting effects with respect to objective time but show a relatively constant rate of discounting with respect to subjective time perceptions. The results are replicated between subjects (Experiment 1) and within subjects (Experiments 2), with multiple time horizons and multiple descriptors, and with different measurement orders. Furthermore, the authors show that when duration is primed, subjective time perception is altered (Experiment 4) and hyperbolic discounting is reduced (Experiment 3).

Bereavement or Breakup: A Network Approach to Modeling Differential Pathways into Depression

2019 ◽  
Author(s):  
Julian Burger ◽  
Margaret S. Stroebe ◽  
Pasqualina Perrig-Chiello ◽  
Henk A.W. Schut ◽  
Stefanie Spahni ◽  
...  
Keyword(s):  
Depressive Symptoms ◽  
Graphical Models ◽  
Contextual Factors ◽  
Marital Disruption ◽  
Depression Symptoms ◽  
Depression Symptom ◽  
Multiple Time ◽  
Cross Sectional ◽  
Network Analyses ◽  
Within Subjects

Background: Prior network analyses demonstrated that the death of a loved one potentially precedes specific depression symptoms, primarily loneliness, which in turn links to other depressive symptoms. In this study, we extend prior research by comparing depression symptom network structures following two types of marital disruption: bereavement versus separation. Methods: We fitted two Gaussian Graphical Models to cross-sectional data from a Swiss survey of older persons (145 bereaved, 217 separated, and 362 married controls), and compared symptom levels across bereaved and separated individuals. Results: Separated compared to widowed individuals were more likely to perceive an unfriendly environment and oneself as a failure. Both types of marital disruption were linked primarily to loneliness, from where different relations emerged to other depressive symptoms. Amongst others, loneliness had a stronger connection to perceiving oneself as a failure in separated compared to widowed individuals. Conversely, loneliness had a stronger connection to getting going in widowed individuals. Limitations: Analyses are based on cross-sectional between-subjects data, and conclusions regarding dynamic processes on the within-subjects level remain putative. Further, some of the estimated parameters in the network exhibited overlapping confidence intervals and their order needs to be interpreted with care. Replications should thus aim for studies with multiple time points and larger samples. Conclusions: The findings of this study add to a growing body of literature indicating that depressive symptom patterns depend on contextual factors. If replicated on the within-subjects level, such findings have implications for setting up patient-tailored treatment approaches in dependence of contextual factors.

scholarly journals Axiomatization and Measurement of Quasi-Hyperbolic Discounting *

2014 ◽  
Vol 129 (3) ◽  
pp. 1449-1499 ◽  
Author(s):  
José Luis Montiel Olea ◽  
Tomasz Strzalecki
Keyword(s):  
Hyperbolic Discounting ◽  
Partial Identification ◽  
Axiomatic Characterization ◽  
Discount Factors ◽  
Elasticity Of Intertemporal Substitution ◽  
Trade Offs ◽  
Subject Pool ◽  
Identification Approach ◽  
The Subject

Abstract This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call “annuity compensations.” Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertemporal substitution. In a pilot experiment we use the partial identification approach to estimate bounds for the distributions of discount factors in the subject pool. Consistent with previous studies, we find evidence for both present and future bias.

Method for Measuring the Rate of Subjective Time

1967 ◽  
Vol 24 (3_suppl) ◽  
pp. 1235-1240 ◽  
Author(s):  
James J. McGrath ◽  
James F. O'Hanlon
Keyword(s):  
Individual Differences ◽  
Real Time ◽  
Linear Function ◽  
Time Perception ◽  
Test Session ◽  
Subjective Time ◽  
Systematic Effect ◽  
Standard Interval

A method was developed for measuring rate of subjective time ( RST). Subjective time ( T) was recorded in subjects making a series of contiguous estimations of a standard interval of time. The results showed that T generally increased as a linear function of real time ( t). RST was measured by describing T as a linear function of t and by differentiating that function in respect to t. Individual differences in RST were large and stable within a test session. The differences were reliable from one session to the next. Within the range studied (1 to 10 min.) the duration of the standard interval had no systematic effect upon RSTs. And, RSTs were related in the appropriate direction to traditional measures of time perception. It was concluded that the RST is a useful measure for research on time perception.

The End of Resilience? Managing Vulnerability Through Temporal Resourcing and Resisting

2021 ◽  
pp. 104225872110538
Author(s):  
Oana Branzei ◽  
Ramzi Fathallah
Keyword(s):  
Subjective Experience ◽  
Coping Skills ◽  
Theory And Practice ◽  
Subjective Time ◽  
First Person ◽  
Step Process ◽  
Objective Time ◽  
Experience Of Time

We induce a first-person conceptualization of entrepreneurial resilience. Our seven-year, two-study ethnography shows that entrepreneurs enact resilience as a four-step process of managing vulnerability: they richly experience episodes of adversity, self-monitor across episodes, reassess personal thresholds and reconcile challenges with coping skills. Entrepreneurs manage vulnerability by (1) modifying ( stretching and shrinking) objective time and (2) changing their subjective experience of time as working with or against the clock through temporal resourcing or temporal resisting. We extend the theory and practice of entrepreneurial resilience by elaborating the interplay of objective and subjective time in managing vulnerability in recurrent and unprecedented crises.

Measuring the Effect of the Rules and Regulations on Global Malmquist Index

2013 ◽  
pp. 215-229
Author(s):  
Mohammadreza Alirezaee ◽  
Mohsen Afsharian
Keyword(s):  
Empirical Studies ◽  
Malmquist Index ◽  
Productivity Change ◽  
Multiple Time ◽  
Trade Offs ◽  
Dea Models ◽  
Production Possibility Set ◽  
Relative Productivity ◽  
Changes Over Time ◽  
The Impact

The circle-type or global Malmquist index, which is based on Data Envelopment Analysis (DEA) models, is an important index that is widely used for measuring the relative productivity change of decision-making units (DMUs) in multiple time periods. This index, similar to the standard approach of measuring the productivity change using the standard Malmquist index, breaks down into various components, which can then be used to measure the impact of the efficiency, technology, and scale on productivity changes over time. However, empirical studies show that there are some rules and regulations that can affect the result of the productivity changes. Therefore, this paper presents new insight into the global Malmquist index for measuring the effect of the rules and regulations on productivity changes that come from imposing some trade-offs to the production possibility set of the problem, and provides a new decomposition of this index.

Age Effects in Perception of Time

2005 ◽  
Vol 97 (3) ◽  
pp. 921-935 ◽  
Author(s):  
Marc Wittmann ◽  
Sandra Lehnhoff
Keyword(s):  
Time Perception ◽  
Nonlinear Regression ◽  
Age Effects ◽  
Chronological Age ◽  
Subjective Time ◽  
Regression Analyses ◽  
Empirical Results ◽  
Widespread Belief ◽  
Perception Of Time ◽  
Pearson Correlations

Despite the widespread belief that the subjective speed of the passage of time increases with age, empirical results are controversial. In this study, a combination of questionnaires was employed to assess subjective time perception by 499 subjects, ages 14 to 94 years. Pearson correlations and nonlinear regression analyses on a variety of questionnaires and the age of the participants show that the momentary perception of the passage of time and the retrospective judgment of past periods of time are a function of chronological age; however, small-to-moderate effects accounted for at most 10% of the variance. Results generally support the widespread perception that the passage of time speeds up with age. These results are discussed in the context of models of prospective and retrospective time judgment, but interpretations have to be treated with caution given methodological limitations.

Time Estimation: Effects of Cognitive Task, Presentation Rate, and Delay

1996 ◽  
Vol 83 (3_suppl) ◽  
pp. 1387-1394 ◽  
Author(s):  
William F. Vitulli ◽  
Heather A. Shepard
Keyword(s):  
Repeated Measures ◽  
Cognitive Task ◽  
Digit Span ◽  
Presentation Rate ◽  
Time Estimation ◽  
Stimulus Presentation ◽  
Subjective Time ◽  
Allocation Model ◽  
Mixed Analysis ◽  
Within Subjects

The variables of which subjective time is a function extend throughout a myriad of “people, places, and things.” This study measured subjective estimations of time as a function of complexity of cognitive task including arithmetic and recall (within subjects), the rate of stimulus (digit span) information (between subjects), and the delay between stimulus presentation and estimations of time (between subjects). A mixed analysis of variance 2 × 2 × 3 (repeated-measures) factorial design showed that retrospective time estimations were significantly different as a function of the main effects of rate of digit presentation and delay. Men and women showed no differences with no significant interactions so their data were pooled. Quotient values for ratios of delayed versus immediate estimates and slow versus fast rates showed overestimates of “real time.” Explanations based on the “storage-size model,” the “attention-allocation” model, and comparisons with Pedri and Hesketh's 1993 data are discussed.

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