The psychological cost of waiting (Q1064992)

A random variable W representing the waiting time is introduced. A bounded, nondecreasing function H of W is defined as a subjective cost for waiting and the expected value of H(W) is considered as the intensity of psychological stress. Three theorems on the conditional intensity of psychological stress are proved in the first part of the paper. The accumulated stress for waiting up to time t is defined as the total psychological stress, accumulated up to t. A theorem on the accumulated stress is given in the second section of the paper. The effect of an information about the waiting time provided during the waiting is studied in the next section. The last section is devoted to the Bayesian treatment of the problem. Some strategies minimising the psychological stress accumulated during the waiting process are developed. The reviewed study represents interesting approach to this psychological question and it is based on the elementary results from probability theory.