  An important but understudied question in economics is how people choose when
facing uncertainty in the timing of events. Here we study preferences over time
lotteries, in which the payment amount is certain but the payment time is
uncertain. Expected discounted utility theory (EDUT) predicts decision makers
to be risk-seeking over time lotteries. We explore a normative model of
growth-optimality, in which decision makers maximise the long-term growth rate
of their wealth. Revisiting experimental evidence on time lotteries, we find
that growth-optimality accords better with the evidence than EDUT. We outline
future experiments to scrutinise further the plausibility of growth-optimality.
