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Darren Dahl (Editor in Chief)Eileen FischerGita JoharVicki Morwitz

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Spending Time versus Spending Money

Erica Mina Okada, Stephen J. Hoch
DOI: http://dx.doi.org/10.1086/422110 313-323 First published online: 1 September 2004

Abstract

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.

  • Time
  • Judgment and Decision Making
  • Behavioral Decision Theory
  • Experimental Design and Analysis (ANOVA)
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