When time is (not) money
Preliminary guidance on the interchangeability of time and money in laboratory-based risk research
Bibliographic Data
| ID | 12596966 |
|---|---|
| Authors | Nathaniel J S Ashby (0000-0002-3333-7617, Technion – Israel Institute of Technology, corresponding author), Tim Rakow (0000-0002-7127-8793, King's College London) |
| Year | 2017 |
| Volume | 21 |
| Issue | 8 |
| Pages | 1036-1051 |
| Publication date | 2017-01-27 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Risk Research (JOURNAL) |
| Journal identifiers | ISSN: 1366-9877 • E-ISSN: 1466-4461 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/13669877.2017.1281334 |
| OpenAlex | W2580683872 |
| Language | EN |
| References cited | 37 |
The familiar adage that ‘time is money’ may not be entirely accurate according to research involving hypothetical choice: People’s decisions are less sensitive to temporal expenditures and outcomes than monetary ones. We provide a novel examination of whether similar patterns of risky choice are found for time and money when choices are consequential (i.e. monetary outcomes are obtained and temporal outcomes are experienced) – both for one-shot and repeated choices, over gains and losses. On the aggregate, across decision contexts (described and experienced), choices are similar for time and money. However, on the level of the individual, little relationship between risk preferences for time and money are observed. We discuss the theoretical and practical implications of these findings
Actuarial science · Economics · Interchangeability · Computer Science · Decision-Making and Behavioral Economics · Experimental Behavioral Economics Studies · Mental Health Research Topics
Human Error
Resource Slack and Propensity to Discount Delayed Investments of Time Versus Money.
Bayesian t tests for accepting and rejecting the null hypothesis
Lab Experiments Are a Major Source of Knowledge in the Social Sciences
Predicting Risk Sensitivity in Humans and Lower Animals
Advances in prospect theory
Risk Aversion and Incentive Effects
Prospect Theory
The combined effect of information and experience on drivers’ route-choice behavior
“If only I had taken the other road…”
An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units
Personality and domain‐specific risk taking
A domain‐specific risk‐attitude scale
Small feedback‐based decisions and their limited correspondence to description‐based decisions
Eyes on the Prize? Evidence of Diminishing Attention to Experienced and Foregone Outcomes in Repeated Experiential Choice
Degrees of uncertainty
The mental accounting of sunk time costs
Research in consumer behavior
The Time vs. Money Effect”
A Theory of the Allocation of Time
Time, money, and happiness
Doing well by doing good. The relationship between formal volunteering and self-reported health and happiness
Waiting Time and Decision Making
How I Decide Depends on What I Spend
Spending Time versus Spending Money
On the Use of College Students in Social Science Research
The Role of Perception of Time in Consumer Research
| Highly cited | No |
|---|