Decision making under time constraint: From heuristics to strategy

Abstract

In this study, we discuss bilateral decision making under time constraint. The problem on time constraint is to evaluate the value of the cost of time for decision procedures. We propose a formula to compute the cost of time by introduction of opportunity cost to its evaluation. We also propose a formula on a strategic point for decision making under time constraint. The strategic point is located at the one-third of the entire or remaining duration for decision procedures instead of a heuristic point of its half time. We have conducted a feasibility check on the formulas on the cost of time and the strategic point in their applications to a case study.

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