Telephone waiting times for a commercial service were varied in two different experiments. In the first experiment, the telephone rate was either zero or fixed at Dfl.1.- (approx. $0.40) per minute. Consumer perceptions of waiting times could be described best by a psychophysical power function....

Telephone waiting times for a commercial service were varied in two different experiments. In the first experiment, the telephone rate was either zero or fixed at Dfl.1.- (approx. $0.40) per minute. Consumer perceptions of waiting times could be described best by a psychophysical power function....

Anomalies in intertemporal choice (e.g. “hyperbolic” discounting and sign effect) have been investigated in econophysics and behavioral neuroeconomics. We experimentally examined the roles of psychophysical effects of time perception and subjective valuation of outcomes (value function) on...

This paper discusses solutions derived from lottery experiments using two alternative assumptions: that people perceive wealth changes as absolute amounts of money; and that people consider wealth changes as a proportion of some reference value dependant on the context of the problem under...