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A response to this article explained that although there may be no overall effect, within specific income groups, there are differences by age. Although age doesn’t affect high-income people’s time preferences, it does affect the low-income group. Younger, low-income people have higher discounting than older, low-income people.
Time-saving bias is a concept that describes people's tendency to misestimate the time that could be saved (or lost) when increasing (or decreasing) speed. [1] [2]In general, people underestimate the time that could be saved when increasing from a relatively low speed—e.g., 25 mph (40 km/h) or 40 mph (64 km/h)—and overestimate the time that could be saved when increasing from a relatively ...
Low thresholds allow a weak preference state to determine the decision, which cuts off sampling information about the prospects, shortening the deliberation process, and decreasing accuracy. Under high time pressure, decision makers must choose a low threshold; but under low time pressure, a higher threshold can be used to increase accuracy.
Intuitively, it seems odd that the welfare of an 80-year-old born in 1970 is intrinsically superior to the welfare of an 80-year-old born in 1980; in the context of social (rather than private) discount rates, when asked for their preferences over the welfare of others, most peoples' apparent "pure time preferences" becomes smaller or even ...
A 2011 brain imaging study of a sample from the original Stanford participants when they reached mid-life showed key differences between those with high delay times and those with low delay times in two areas: the prefrontal cortex (more active in high delayers) and the ventral striatum, (more active in low delayers) when they were trying to ...
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Chronemics is the study of the use of time in nonverbal communication, though it carries implications for verbal communication as well. Time perceptions include punctuality, willingness to wait, and interactions. The use of time can affect lifestyles, daily agendas, speed of speech, movements, and how long people are willing to listen.
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