Time flies when you maximize — Maximizers and satisficers perceive time differently when making decisions

• Maximizers and satisficers differ in cognitive loads and thus in time perception.
• The proliferation of options affects satisficers more than maximizers.
• Maximizers always underestimate time.
• Satisficers adjust their cognitive effort to the specific instructions of the task.

Three experiments assessed whether maximizing and satisficing decision-making types were associated with differences in perception of time, as a consequence of their different cognitive workloads. Findings showed that maximizers and satisficers perceived time differently during decision-making, but not during other tasks. In particular, compared to satisficers, maximizers tended to underestimate time while choosing, independently of the number of options and the specific task requirements. Satisficers instead tended to underestimate time only when the number of options or the task requirements were more challenging. Our findings suggest that the perception of time may serve as a measure of the cognitive workload associated with decision-making types. The findings furthermore suggest that satisficers adopt a more malleable decision-making process than maximizers.