Self-Other Discrepancies in Waiting Time Decisions

Abstract

Both anecdotal evidence and recently reported research suggest that people are risk-averse when faced with waiting time decisions. Four studies investigate whether there is a self-other discrepancy in how people make waiting time decisions themselves and how they predict others will make similar decisions. People are found to believe that others have valuations of time similar to their own. However, when faced with alternatives that involve risk in the duration of the wait, the results point to a self-other discrepancy, in that people report greater risk-aversion themselves than they think others would. Further, when faced with waiting time gains, people are themselves more risk-averse than they think others would be. Conversely, when faced with waiting time losses, people are themselves more risk-seeking than they think others would be. Overall, the results are consistent with the recently proposed risk-as-feelings hypothesis.