13-04-2023
Time and decisions
Time is a crucial factor in decision making, as it affects how we evaluate alternatives, anticipate consequences, and cope with uncertainty. Time can be seen from different perspectives, such as the duration of the options, the delay between choosing and receiving the outcomes, the time perspective of the decision maker, and the time pressure of the decision process. Psychological time, or how we perceive and experience time, often differs from physical time, and can influence our preferences and choices. For example, we may discount future rewards more than present ones, or we may be more impulsive when we face immediate temptations. Understanding how time and decision making interact can help us make better choices and improve our well-being.