periods of varying length that full accounts of subjects' learning requires the consideration of, both, 'period time' and … 'physical time.' …

We examine the additivity of stock-market expectations over different time intervals. When asked about a ten … expectations over two shorter time intervals that cover the same ten years. Such sub-additivity is irrational in that it cannot … stem from aggregating short-term expectations. Model estimates show that the pattern is consistent with a time perception …