Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Why do we overcommit? Study suggests we think we’ll have more time in future than today

11.02.2005


Poor forecasting is more evident for time than money



If your appointment book runneth over, it could mean one of two things: Either you are enviably popular or you make the same faulty assumptions about the future as everyone else. Psychological research points to the latter explanation. Research by two business-school professors reveals that people over-commit because we expect to have more time in the future than we have in the present. Of course, when tomorrow turns into today, we discover that we are too busy to do everything we promised. The study appears in the February issue of the Journal of Experimental Psychology (JEP): General, which is published by the American Psychological Association (APA).

Gal Zauberman, PhD, of the University of North Carolina at Chapel Hill, and John Lynch Jr., PhD, of Duke University, also learned from paper-and-pencil questionnaires (respondents to seven different surveys numbered 95, 68, 241, 61, 264, 48 and 130) that that this expectation of more time "slack," a surplus of a given resource available to complete a task, is more pronounced for time than money.


The authors suspect that’s because every day’s a little different: The nature of time fools us and we "forget" about how things fill our days. Money is more "fungible," freely exchanged for something of like kind -- such as four quarters for a dollar bill. Write Zauberman and Lynch, "Barring some change in employment or family status, supply and demand of money are relatively constant over time, and people are aware of that. Compared with demands on one’s time, money needs in the future are relatively predictable from money needs today."

Participants believed that both time and money would be more available in "a month" than "today," and believed it more strongly for time than for money. A deeper investigation of a psychological phenomenon called "delay discounting," in which people tend to lessen the importance of future rewards, showed that people also discounted future time more than both gains and losses in future money.

Zauberman and Lynch continue, "People are consistently surprised to be so busy today. Lacking knowledge of what specific tasks will compete for their time in the future, they act as if new demands will not inevitably arise that are as pressing as those faced today." In short, the future is ideal: The fridge is stocked, the weather clear, the train runs on schedule and meetings end on time. Today, well, stuff happens.

To cross-check support for their hypotheses, the authors ran a final survey that measured the expected growth or contraction of slack time and slack money over time. They tested how those expectations predicted subsequent decisions to invest time or money at two points in time. As before, participants who expected to have more time but not more money discounted future time investments more than they discounted future money investments. Participants who expected to have more money than time showed a mirror-image pattern. Say the authors, "This is important because it demonstrates that the resource dependency we observed in the earlier experiments is explainable by changes in slack."

Can people learn to predict future time demands more in line with reality? The authors observe, "It is difficult to learn from feedback that time will not be more abundant in the future. Specific activities vary from day to day, so [people] do not learn from feedback that, in aggregate, total demands are similar." Money’s "slack pools" are smoother, more equal and more predictable over time.

APA Public Affairs Office | EurekAlert!
Further information:
http://www.apa.org

More articles from Studies and Analyses:

nachricht Drone vs. truck deliveries: Which create less carbon pollution?
31.05.2017 | University of Washington

nachricht New study: How does Europe become a leading player for software and IT services?
03.04.2017 | Fraunhofer-Institut für System- und Innovationsforschung (ISI)

All articles from Studies and Analyses >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Can we see monkeys from space? Emerging technologies to map biodiversity

An international team of scientists has proposed a new multi-disciplinary approach in which an array of new technologies will allow us to map biodiversity and the risks that wildlife is facing at the scale of whole landscapes. The findings are published in Nature Ecology and Evolution. This international research is led by the Kunming Institute of Zoology from China, University of East Anglia, University of Leicester and the Leibniz Institute for Zoo and Wildlife Research.

Using a combination of satellite and ground data, the team proposes that it is now possible to map biodiversity with an accuracy that has not been previously...

Im Focus: Climate satellite: Tracking methane with robust laser technology

Heatwaves in the Arctic, longer periods of vegetation in Europe, severe floods in West Africa – starting in 2021, scientists want to explore the emissions of the greenhouse gas methane with the German-French satellite MERLIN. This is made possible by a new robust laser system of the Fraunhofer Institute for Laser Technology ILT in Aachen, which achieves unprecedented measurement accuracy.

Methane is primarily the result of the decomposition of organic matter. The gas has a 25 times greater warming potential than carbon dioxide, but is not as...

Im Focus: How protons move through a fuel cell

Hydrogen is regarded as the energy source of the future: It is produced with solar power and can be used to generate heat and electricity in fuel cells. Empa researchers have now succeeded in decoding the movement of hydrogen ions in crystals – a key step towards more efficient energy conversion in the hydrogen industry of tomorrow.

As charge carriers, electrons and ions play the leading role in electrochemical energy storage devices and converters such as batteries and fuel cells. Proton...

Im Focus: A unique data centre for cosmological simulations

Scientists from the Excellence Cluster Universe at the Ludwig-Maximilians-Universität Munich have establised "Cosmowebportal", a unique data centre for cosmological simulations located at the Leibniz Supercomputing Centre (LRZ) of the Bavarian Academy of Sciences. The complete results of a series of large hydrodynamical cosmological simulations are available, with data volumes typically exceeding several hundred terabytes. Scientists worldwide can interactively explore these complex simulations via a web interface and directly access the results.

With current telescopes, scientists can observe our Universe’s galaxies and galaxy clusters and their distribution along an invisible cosmic web. From the...

Im Focus: Scientists develop molecular thermometer for contactless measurement using infrared light

Temperature measurements possible even on the smallest scale / Molecular ruby for use in material sciences, biology, and medicine

Chemists at Johannes Gutenberg University Mainz (JGU) in cooperation with researchers of the German Federal Institute for Materials Research and Testing (BAM)...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Plants are networkers

19.06.2017 | Event News

Digital Survival Training for Executives

13.06.2017 | Event News

Global Learning Council Summit 2017

13.06.2017 | Event News

 
Latest News

Quantum thermometer or optical refrigerator?

23.06.2017 | Physics and Astronomy

A 100-year-old physics problem has been solved at EPFL

23.06.2017 | Physics and Astronomy

Equipping form with function

23.06.2017 | Information Technology

VideoLinks
B2B-VideoLinks
More VideoLinks >>>