Overcommitted? Why the Brain MisEstimates Available Time

This article discusses research that looks at why we never have enough time to get everything done.

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.

I can't seem to avoid this error either, so I've learned to build catch-up days into my schedule. Then if I actually run low on work to do those days (which is rare) I can just go play basketball or maybe hang out at the library.

found via FuturePundit.