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Rationalizing Decision-Making: Understanding the Cost and Perception of Time
Vijay Mohan K Namboodiri1, Stefan Mihalas2, Marshall G H Shuler1
1The Johns Hopkins University, Department of Neuroscience, Baltimore, MD.
Timing & Time Perception Reviews
|February 11, 2026
Summary
Humans make decisions based on outcome value and time delay. New research suggests that perceived decision-making flaws are actually optimal strategies under experiential constraints, unifying time perception and intertemporal choice.
Area of Science:
- Decision Neuroscience
- Cognitive Psychology
- Behavioral Economics
Background:
- Intertemporal decision-making involves evaluating outcomes across time.
- Existing theories struggle to reconcile outcome magnitude and temporal delay.
- Observed decision-making behaviors are often seen as irrational.
Purpose of the Study:
- To review the history and theories of intertemporal decision-making.
- To highlight limitations in current understanding.
- To present recent advances that reframe decision-making under experiential constraints.
Main Methods:
- Literature review of historical and contemporary theories.
- Analysis of experimental and theoretical advances in decision-making.
- Synthesis of findings to propose a new conceptual framework.
Main Results:
- Extant theories inadequately explain the interaction of outcome magnitude and temporal delay.
- Recent advances suggest decision-making "deficiencies" are optimal under experiential constraints.
- A new conception unifies intertemporal decision-making and time perception.
Conclusions:
- Observed intertemporal choices reflect optimal adaptation to experiential limitations.
- A unified framework for decision-making and time perception is proposed.
- This reconceptualization offers a more principled understanding of choice behavior.
Keywords:
Behavioral Theory of TimingDiscounted Utility TheoryEcological Rationality TheoryOptimal Foraging TheoryScalar Expectancy TheoryTraining-Integrated Maximized Estimation of Reinforcement RateWeber’s lawhyperbolic discountingimpulsivityintertemporal decision-makingsubjective valuetemporal discountingtimetime perception
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