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How Higher Economic Value of Time Increases Feelings of Time Pressure

Author

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  • DeVoe, Sanford E.

    (University of Toronto)

  • Pfeffer, Jeffrey

    (Stanford University)

Abstract

The common heuristic association between scarcity and value implies that more valuable things appear scarcer (King, Hicks, & Abdelkhalik, 2009), an effect we show applies to time. In a series of studies we find that both income and wealth, which affect the economic value of time, influence perceived time pressure. Study 1 found that changes in income were associated with changes in perceived time pressure. Studies 2-4 showed that experimentally manipulating time's perceived economic value caused greater feelings of time pressure and less patient behavior. Study 5 demonstrated that the relationship between income and time pressure was strengthened when participants were randomly assigned to think about the precise economic value of their time.

Suggested Citation

  • DeVoe, Sanford E. & Pfeffer, Jeffrey, 2010. "How Higher Economic Value of Time Increases Feelings of Time Pressure," Research Papers 2066, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:2066
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    References listed on IDEAS

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    1. DeVoe, Sanford E. & Pfeffer, Jeffrey, 2009. "When Is Happiness about How Much You Earn? The Effect of Hourly Payment on the Money-Happiness Connection," Research Papers 2024, Stanford University, Graduate School of Business.
    2. Robert Goodin & James Rice & Michael Bittman & Peter Saunders, 2005. "The Time-Pressure Illusion: Discretionary Time vs. Free Time," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 73(1), pages 43-70, August.
    3. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(3), pages 969-1006.
    4. Daniel S. Hamermesh & Jungmin Lee, 2007. "Stressed Out on Four Continents: Time Crunch or Yuppie Kvetch?," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 374-383, May.
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    Cited by:

    1. Aaker, Jennifer L. & Rudd, Melanie & Mogilner, Cassie, 2010. "If Money Doesn't Make You Happy, Consider Time," Research Papers 2067, Stanford University, Graduate School of Business.

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