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- Title
The Value of Time.
- Authors
FESTJENS, ANOUK; JANISZEWSKI, CHRIS
- Abstract
Ten studies are used to document that time is valued in accordance with a doublekinked 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.
- Subjects
TIME management; MARGINAL utility; DECISION theory; VALUATION; RESOURCE management; PROBABILITY theory; BERNOULLI hypothesis (Risk)
- Publication
Journal of Consumer Research, 2015, Vol 42, Issue 2, p178
- ISSN
0093-5301
- Publication type
Article
- DOI
10.1093/jcr/ucv021