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Time instead of Money - Decision Making under Uncertainty of Time

  • Co-Author:Prof. Timo Heinrich (Hamburg University of Technology)
  • Keywords: Experiment, Decision Making, Uncertainty, Time

Project Details

We research preferences and behavior of people in different scenarios under uncertainty of time. Time can be a relevant factor in different scenarios e.g., in production planning (on stock vs. just in time delivery), medicine (surgery vs. self-healing), or transportation (plane vs. train).
We base our research on e.g., Ebert (2021), DeJarnett et al. (2020), Abdellaoui et al. (2018), and Onay and Öncüler (2007) and use a 3-step approach:

1) Develop short measure of time risk attitude: Replicate previous results and validate new measure;
2) Field Behavior: Link elicited time risk preferences to field behavior;
3) Demographics: Measure time risk preferences for a large sample and assess the relation with demographics.

For this, we conduct a virtual laboratory experiment (based on Ebert (2021)) on the Measurement for Time Preferences as well as a Representative Survey via Prolific to assess:

A) General Time Risk (adapted from Dohmen et al. 2005);
B) Specific Field Behavior (e.g. Finance, Transportation, Project Management, Health; adapted from Dohmen et al. 2005, Sutter et al. 2013, Noussair et al. 2014, Schneider & Sutter 2020); and
C) Demographics.