Spending Time versus Spending Money
We find systematic differences in the way that people spend time versus money. Ex post, people are able to more easily accommodate negative outcomes by adjusting the value of their temporal inputs. Ex ante, people are willing to spend more time for higher risk, higher return options whereas when spe...
| Veröffentlicht in: | Journal of Consumer Research. - University of Chicago Press. - 31(2004), 2, Seite 313-323 |
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| Format: | Online-Aufsatz |
| Veröffentlicht: |
2004
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| Zugriff auf das übergeordnete Werk: | Journal of Consumer Research |
| Schlagworte: | Time Judgment and Decision Making Behavioral Decision Theory Experimental Design and Analysis (ANOVA) Economics Mathematics Behavioral sciences Philosophy Erica Mina |
| Zusammenfassung: | We find systematic differences in the way that people spend time versus money. Ex post, people are able to more easily accommodate negative outcomes by adjusting the value of their temporal inputs. Ex ante, people are willing to spend more time for higher risk, higher return options whereas when spending money the pattern is reversed and the more standard pattern of increasing risk aversion is observed. Although accurate assessment of the opportunity costs of time is key to making good decisions, ambiguity in the value of time promotes accommodation and rationalization. |
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| Beschreibung: | * Erica Mina Okada is assistant professor of marketing at the University of Washington, Box 353200, Seattle, WA 98195 ( emokadau.washington.edu ), and Stephen J. Hoch is John J. Pomerantz professor of marketing at the Wharton School, University of Pennsylvania, Philadelphia, PA 19035 ( hochs@wharton.upenn.edu ). The authors thank the editor, associate editor, and reviewers for their input. |
| ISSN: | 15375277 |
| DOI: | 10.1086/422110 |