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Time versus money.
1Rutgers Business School-Newark and New Brunswick, Newark, NJ 07102, USA.
Current Opinion in Psychology
|May 6, 2018
Summary
Time and money are psychologically distinct, influencing consumer decisions. Thinking about time promotes emotional, heuristic, and abstract choices, unlike money
Area of Science:
- Consumer Psychology
- Behavioral Economics
Background:
- Consumers expend both time and money, resources often considered economically interchangeable.
- The value of time can be monetized, typically by equating it to an individual's wage rate.
Purpose of the Study:
- To investigate the psychological differences between time and money as resources.
- To explore how conceptualizing resources as time versus money impacts decision-making processes and outcomes.
Main Methods:
- The study discusses theoretical frameworks and existing research findings.
- It analyzes the psychological shifts associated with temporal versus monetary framing.
Main Results:
- Time, compared to money, encourages heuristic (vs. systematic) decision-making.
- Time fosters a more emotional (vs. value-maximizing) orientation.
- Thinking in terms of time leads to more holistic and abstract (vs. analytic and concrete) processing.
Conclusions:
- These psychological distinctions have significant implications for consumer behavior.
- Findings are relevant to domains including consumer search, happiness, product evaluation, and charitable giving.
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