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The Economic Evaluation of Time Organizational Causes and Individual Consequences

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  • Pfeffer, Jeffrey

    (Stanford University)

  • DeVoe, Sanford E.

    (University of Toronto)

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    Abstract

    People acquire ways of thinking about time partly in and from work organizations, where the control and measurement of time use is a prominent feature of modern management--an inevitable consequence of employees selling their time for money. In this paper, we theorize about the role organizational practices play in promoting an economic evaluation of time and time use--where time is thought of primarily in monetary terms and viewed as a scarce resource that should be used as efficiently as possible. While people usually make decisions about time and money differently, we argue that management practices that make the connection between time and money salient can heighten the economic evaluation of time. We consider both the organizational causes of economic evaluation as well as its personal and societal consequences.

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    Bibliographic Info

    Paper provided by Stanford University, Graduate School of Business in its series Research Papers with number 2123.

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    Date of creation: Aug 2012
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    Handle: RePEc:ecl:stabus:2123

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    1. Sanford E. DeVoe & Byron Y. Lee & Jeffrey Pfeffer, 2010. "Hourly versus Salaried Payment and Decisions about Trading off Time and Money over Time," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 63(4), pages 627-640, July.
    2. Borgonovi, Francesca, 2008. "Doing well by doing good. The relationship between formal volunteering and self-reported health and happiness," Social Science & Medicine, Elsevier, vol. 66(11), pages 2321-2334, June.
    3. Andersson, Pernilla, 2008. "Happiness and health: Well-being among the self-employed," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 213-236, February.
    4. Mark Aguiar & Erik Hurst, 2006. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," NBER Working Papers 12082, National Bureau of Economic Research, Inc.
    5. Roland BĂ©nabou & Jean Tirole, 2003. "Intrinsic and Extrinsic Motivation," Review of Economic Studies, Oxford University Press, vol. 70(3), pages 489-520.
    6. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
    7. Martin Binder & Alex Coad, 2013. "Life satisfaction and self-employment: a matching approach," Small Business Economics, Springer, vol. 40(4), pages 1009-1033, May.
    8. 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.
    9. Benz, Matthias & Frey, Bruno S., 2008. "The value of doing what you like: Evidence from the self-employed in 23 countries," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 445-455, December.
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