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How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money

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  • Ritesh Saini
  • Ashwani Monga

Abstract

We demonstrate that decision making is more heuristic in situations that involve spending time rather than money. Relative to participants in the money condition, those in the time condition show a higher propensity to choose a compromise option (experiment 1) and to rely on an arbitrary anchor (experiment 2). We propose that such heuristics are used more for time because, compared to monetary expenditures, temporal expenditures are harder to account for. Consistent with this proposition, when participants in both time and money conditions are primed to account for their expenditures, they no longer differ in their use of heuristics. The associated response times offer additional process evidence (experiment 3). (c) 2008 by JOURNAL OF CONSUMER RESEARCH, Inc..

Suggested Citation

  • 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, Journal of Consumer Research Inc., vol. 34(6), pages 914-922, February.
    • Handle: RePEc:oup:jconrs:v:34:y:2008:i:6:p:914-922
    DOI: 10.1086/525503
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    Citations

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    Cited by:

    1. Park, Jeong-Yeol & Jang, SooCheong (Shawn), 2014. "Sunk costs and travel cancellation: Focusing on temporal cost," Tourism Management, Elsevier, vol. 40(C), pages 425-435.
    2. Festjens, Anouk & Bruyneel, Sabrina & Diecidue, Enrico & Dewitte, Siegfried, 2015. "Time-based versus money-based decision making under risk: An experimental investigation," Journal of Economic Psychology, Elsevier, vol. 50(C), pages 52-72.
    3. Grewal, Dhruv & Kopalle, Praveen & Marmorstein, Howard & Roggeveen, Anne L., 2012. "Does Travel Time to Stores Matter? The Role of Merchandise Availability," Journal of Retailing, Elsevier, vol. 88(3), pages 437-444.
    4. Monga, Ashwani & Saini, Ritesh, 2009. "Currency of Search: How Spending Time on Search is Not the Same as Spending Money," Journal of Retailing, Elsevier, vol. 85(3), pages 245-257.
    5. Rajagopal, Priyali & Rha, Jong-Youn, 2009. "The mental accounting of time," Journal of Economic Psychology, Elsevier, vol. 30(5), pages 772-781, October.
    6. Saha, Sajeeb & Ranjan, Kumar Rakesh & Pappu, Ravi & Akhlaghpour, Saeed, 2023. "Corporate giving and its impact on consumer evaluations: A meta-analysis," Journal of Business Research, Elsevier, vol. 158(C).
    7. Cheng, Yin-Hui & Chuang, Shih-Chieh & Pei-I Yu, Annie & Lai, Wan-Ting, 2019. "Change in your wallet, change your choice: The effect of the change-matching heuristic on choice," Journal of Retailing and Consumer Services, Elsevier, vol. 49(C), pages 67-76.
    8. Jouxtel, Justine, 2019. "Voluntary contributions of time: Time-based incentives in a linear public goods game," Journal of Economic Psychology, Elsevier, vol. 75(PA).
    9. Sezer Ülkü & Chris Hydock & Shiliang Cui, 2020. "Making the Wait Worthwhile: Experiments on the Effect of Queueing on Consumption," Management Science, INFORMS, vol. 66(3), pages 1149-1171, March.

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