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The mental accounting of time

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  • Rajagopal, Priyali
  • Rha, Jong-Youn
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    Abstract

    This paper examines the ways in which time is perceived and tracked. We investigate whether people create mental accounts for time like they do for money, how time is allotted to these accounts and if time is valued differently according to the account to which it is assigned. Across five studies, we find evidence that people create mental accounts for time and attempt to balance their time across work and non-work activities.

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    File URL: http://www.sciencedirect.com/science/article/B6V8H-4WK4868-3/2/cc328957256c36173b95fb1d1f9159d4
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 30 (2009)
    Issue (Month): 5 (October)
    Pages: 772-781

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    Handle: RePEc:eee:joepsy:v:30:y:2009:i:5:p:772-781

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Mental accounts;

    References

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    1. Thaler, Richard H & Shefrin, H M, 1981. "An Economic Theory of Self-Control," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 392-406, April.
    2. Jacoby, Jacob & Szybillo, George J & Berning, Carol Kohn, 1976. " Time and Consumer Behavior: An Interdisciplinary Overview," Journal of Consumer Research, University of Chicago Press, vol. 2(4), pages 320-39, March.
    3. Ritesh Saini & Ashwani Monga, 2008. "How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money," Journal of Consumer Research, University of Chicago Press, vol. 34(6), pages 914-922, 02.
    4. Leclerc, France & Schmitt, Bernd H & Dube, Laurette, 1995. " Waiting Time and Decision Making: Is Time like Money?," Journal of Consumer Research, University of Chicago Press, vol. 22(1), pages 110-19, June.
    5. Heath, Chip, 1995. "Escalation and De-escalation of Commitment in Response to Sunk Costs: The Role of Budgeting in Mental Accounting," Organizational Behavior and Human Decision Processes, Elsevier, vol. 62(1), pages 38-54, April.
    6. Richard Thaler, 1985. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 4(3), pages 199-214.
    7. Hornik, Jacob, 1984. " Subjective vs. Objective Time Measures: A Note on the Perception of Time in Consumer Behavior," Journal of Consumer Research, University of Chicago Press, vol. 11(1), pages 615-18, June.
    8. Drazen Prelec & George Loewenstein, 1998. "The Red and the Black: Mental Accounting of Savings and Debt," Marketing Science, INFORMS, vol. 17(1), pages 4-28.
    9. Graham, Robert J, 1981. " The Role of Perception of Time in Consumer Research," Journal of Consumer Research, University of Chicago Press, vol. 7(4), pages 335-42, March.
    10. Juster, F. Thomas & Stafford, Frank P., 1990. "The Allocation of Time: Empirical Findings, Behavioural Models, and Problems of Measurement," Working Paper Series 258, Research Institute of Industrial Economics.
    11. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-43, October.
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    Cited by:
    1. Jiaxi Peng & Danmin Miao & Wei Xiao, 2013. "Why are gainers more risk seeking," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(2), pages 150-160, March.

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