The Value of Time

Datos Bibliográficos

ID2237342
AutoresAnouk Festjens (0000-0001-6219-4558, Chinese University of Hong Kong), Chris Janiszewski (0000-0002-0498-919X)
Año2015
Volumen42
Número2
Páginas178-195
Fecha de publicación2015-08-01
Peer ReviewedSí
Open AccessNo
TipoARTICLE
RevistaJournal of Consumer Research (JOURNAL)
Identificadores de la revistaISSN: 0093-5301 • E-ISSN: 1537-5277
EditorialOxford University Press (PUBLISHER • GB)
DOI10.1093/jcr/ucv021
OpenAlexW2257503052
IdiomaEN
Citas recibidas11
Referencias citadas53

Ten studies are used to document that time is valued in accordance with a double-kinked value function. There is a zone of indifference for small time gains (losses), increasing marginal utility (disutility) for moderate time gains (losses), and diminishing marginal utility (disutility) for large time gains (losses). Moderate amounts of time exhibit increasing marginal utility (disutility) because larger blocks of time provide a more diverse set of usage opportunities. It is only when it is difficult to imagine how more (less) time would be beneficial (detrimental) that there is diminishing marginal utility (disutility) for time. Thus time valuation shows increasing marginal utility when there is a time deficit, but diminishing marginal utility when there is a time surplus. These findings have implications for how other resources might be valued

Econometrics · Economics · Function (biology) · Marginal cost · Marginal profit · Marginal utility · Marginal value · Microeconomics · Set (abstract data type) · Statistics · Travel time · Valuation (finance) · Value (mathematics) · Value of time · Computer Science · Consumer Market Behavior and Pricing · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Mathematics