Which Is the Better Option? Quicker or Cheaper?
Article first published online: 3 DEC 2012
© 2012 Wiley Periodicals, Inc.
Psychology & Marketing
Volume 30, Issue 1, pages 90–101, January 2013
How to Cite
Chang, C.-C., Chang, S.-S., Chang, J.-H. and Chien, Y.-L. (2013), Which Is the Better Option? Quicker or Cheaper?. Psychol. Mark., 30: 90–101. doi: 10.1002/mar.20589
- Issue published online: 6 DEC 2012
- Article first published online: 3 DEC 2012
Both time and money are valuable scarce resources, but their different characteristics lead to different perceived value in saving time and saving money. The perishability and fixed supply associated with time may enhance its value; however, its inherent nature, difficulty accounting for value of time, infungibility, and perceived slack may weaken its value. Drawing on theories and findings in the domains of temporal and monetary judgment, this research study posits that people usually underappreciate the value of time because the information pertinent to the value of time is less accessible in peoples’ memory compared with monetary value. Hence, prompting people regarding the value of time and the value of money could make their preference for saving time similar to that of saving money. Additionally, people typically expect more time slack than money in the future, thereby discounting their preference for saving time faster than for saving money. The results of a series of experiments support these hypotheses.