There are a good few experiments that demonstrate that we perceive time and see more slowly when we are being more fuelled by adrenaline. (One good experiment demonstrated this by using a red digital clock that flickered too quickly for the eye to see the correct time. The human test subjects were dropped along with the clock from a crane to a crash mat. The quick boost of adrenaline and increased heart rates allowed each subject to see the clock correctly on the way down and for a short time after landing.)
I could be hypothesised that children are far more likely to experience elevated heart rates and have more adrenaline boosts from their active play thus making time appear to pass more slowly for them.
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