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The Value of Time

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  • Anouk Festjens
  • Chris Janiszewski

Abstract

Ten studies are used to document that time is valued in accordance with a double-kinked 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.

Suggested Citation

  • Anouk Festjens & Chris Janiszewski, 2015. "The Value of Time," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 42(2), pages 178-195.
    • Handle: RePEc:oup:jconrs:v:42:y:2015:i:2:p:178-195.
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    File URL: http://hdl.handle.net/10.1093/jcr/ucv021
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    Cited by:

    1. Se-Hyuk Kim & James W Mjelde & Tae-Kyun Kim & Choong-Ki Lee & Byunggil Chun, 2023. "Willingness to pay for attributes of Templestay and implications on marginal utility of different meditation forms," Tourism Economics, , vol. 29(4), pages 1100-1120, June.
    2. Hikmet YaÅŸar & Mustafa SaÄŸsan, 2020. "The Mediating Effect of Organizational Stress on Organizational Culture and Time Management: A Comparative Study With Two Universities," SAGE Open, , vol. 10(2), pages 21582440209, May.
    3. Chris Janiszewski & Aparna A. Labroo & Derek D. Rucker, 2016. "A Tutorial in Consumer Research: Knowledge Creation and Knowledge Appreciation in Deductive-Conceptual Consumer Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 43(2), pages 200-209.
    4. Kilkki, Kalevi & Hämmäinen, Heikki, 2019. "Value of Time in the Context of Communications Services," 30th European Regional ITS Conference, Helsinki 2019 205189, International Telecommunications Society (ITS).
    5. Mondal, Jalaluddin & Chakrabarti, Somnath, 2021. "The abandonment behaviour of the branded app consumer: A study using interpretive structural modelling approach," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).

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