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How the Experience of Time Shapes Decision-Making

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Neuroeconomics

Abstract

We present an outline of a model for how the subjective experience of time influences decision-making. First, an individual’s time perspective determines how strongly attention is directed to time. A stronger emphasis on the present perspective at the expense of the future perspective—as seen in impulsive individuals—leads to a stronger focus on the passage of time in waiting situations. This in turn causes longer estimates of duration. In intertemporal decisions, a relative overestimation of duration can lead to the perception of delayed rewards lying too far in the future. As a consequence, the value of a future commodity is discounted and more immediate but less valuable rewards are preferred. We present empirical evidence on the relationship between time perception and intertemporal decision-making and discuss these findings within the respective psychological and neural models.

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Notes

  1. 1.

    In this context one has to differentiate between an impulsive present orientation and present-mindedness as trained through meditation techniques. The former is associated with a strong urge to act in the present moment, whereas the latter is associated with an observational state associated with more self-control. This is important because meditation is now being considered as a way of treating drug-addicted individuals. The value for meditation is that it can disconnect experience from impulsive action leading to more self-controlled behavior.

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Acknowledgments

The empirical work leading to the theoretical account presented here was supported by grants from the Max Kade Foundation, New York, the National Institute of Drug Abuse, Bethesda, and the Kavli Institute for Brain and Mind, San Diego. Discussions on the topic with Dan Zakay and Alejandro Vasquez were instrumental for developing the ideas presented here.

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Authors and Affiliations

  1. Institute for Frontier Areas of Psychology and Mental Health, Wilhelmstr. 3a, 79098, Freiburg, Germany

    Marc Wittmann

  2. Laureate Institute for Brain Research, Tulsa, Oklahoma, USA

    Martin P. Paulus

  3. Psychiatry Service, VA San Diego Healthcare System La Jolla, San Diego, USA

    Martin P. Paulus

  4. Department of Psychiatry, University of California, San Diego, La Jolla, CA, USA

    Martin P. Paulus

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  1. Marc Wittmann
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  2. Martin P. Paulus
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Correspondence to Marc Wittmann .

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Editors and Affiliations

  1. Differentielle and Biologische Psychologie, Rheinische Friedrich-Wilhelms- Universität Bonn, Bonn, Germany

    Martin Reuter

  2. Department of Molecular Psychology, Institute for Psychology and Education, Ulm University, Ulm, Germany and Key Laboratory for NeuroInformation, School of Life Science and Technology, Center for Information in Medicine, University of Electronic Science and Technology of China, Chengdu, China

    Christian Montag

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Wittmann, M., Paulus, M.P. (2016). How the Experience of Time Shapes Decision-Making. In: Reuter, M., Montag, C. (eds) Neuroeconomics. Studies in Neuroscience, Psychology and Behavioral Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-35923-1_8

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