This paper considers intertemporal choice when the timing of future events cannot be objectively (chronologically) measured a priori and presents foundations of subjective time measurement. If preferences of a decision maker satisfy certain behavioral assumptions, then this decision maker...

In the television show Deal or No Deal an individual faces a sequence of binary choices between a risky lottery with equiprobable prizes of up to half a million euros and a monetary amount for certain. The decisions of 348 contestants from Italian and British versions of the show are used to...