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The mental accounting of time

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  • Rajagopal, Priyali
  • Rha, Jong-Youn

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.

Suggested Citation

  • Rajagopal, Priyali & Rha, Jong-Youn, 2009. "The mental accounting of time," Journal of Economic Psychology, Elsevier, vol. 30(5), pages 772-781, October.
  • Handle: RePEc:eee:joepsy:v:30:y:2009:i:5:p:772-781
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    References listed on IDEAS

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    1. Leclerc, France & Schmitt, Bernd H & Dube, Laurette, 1995. " Waiting Time and Decision Making: Is Time like Money?," Journal of Consumer Research, Oxford University Press, vol. 22(1), pages 110-119, June.
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    3. 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.
    4. Jacoby, Jacob & Szybillo, George J & Berning, Carol Kohn, 1976. " Time and Consumer Behavior: An Interdisciplinary Overview," Journal of Consumer Research, Oxford University Press, vol. 2(4), pages 320-339, March.
    5. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    6. Juster, F Thomas & Stafford, Frank P, 1991. "The Allocation of Time: Empirical Findings, Behavioral Models, and Problems of Measurement," Journal of Economic Literature, American Economic Association, vol. 29(2), pages 471-522, June.
    7. Graham, Robert J, 1981. " The Role of Perception of Time in Consumer Research," Journal of Consumer Research, Oxford University Press, vol. 7(4), pages 335-342, March.
    8. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-643, October.
    9. Hornik, Jacob, 1984. " Subjective vs. Objective Time Measures: A Note on the Perception of Time in Consumer Behavior," Journal of Consumer Research, Oxford University Press, vol. 11(1), pages 615-618, June.
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    Cited by:

    1. repec:eee:touman:v:40:y:2014:i:c:p:425-435 is not listed on IDEAS
    2. 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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    Keywords

    Mental accounts;

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