IDEAS home Printed from https://ideas.repec.org/p/ecl/stabus/2014.html
   My bibliography  Save this paper

The Time vs. Money Effect: Shifting Product Attitudes and Decisions through Personal Connection

Author

Listed:
  • Mogilner, Cassie

    (Stanford University)

  • Aaker, Jennifer L.

    (Stanford University)

Abstract

The results of five field and laboratory experiments reveal a "time vs. money effect" whereby activating time (vs. money) leads to a favorable shift in product attitudes and decisions. Because time increases focus on product experience, activating time (vs. money) augments one's personal connection with the product, thereby boosting attitudes and decisions. However, because money increases focus on product possession, the reverse effect can occur in cases where merely owning the product reflects the self (i.e., for prestige possessions, or for highly materialistic consumers). The "time vs. money effect" proves robust across implicit and explicit methods of construct activation. Implications for research on the psychology of time and money are discussed.

Suggested Citation

  • Mogilner, Cassie & Aaker, Jennifer L., 2009. "The Time vs. Money Effect: Shifting Product Attitudes and Decisions through Personal Connection," Research Papers 2014, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:2014
    as

    Download full text from publisher

    File URL: http://gsbapps.stanford.edu/researchpapers/library/RP2014.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. McKenzie R. Rees & Ann E. Tenbrunsel & Kristina A. Diekmann, 2022. "“It’s Just Business”: Understanding How Business Frames Differ from Ethical Frames and the Effect on Unethical Behavior," Journal of Business Ethics, Springer, vol. 176(3), pages 429-449, March.
    2. Nash, Jane Gradwohl & Rosenthal, Robert A., 2014. "An investigation of the endowment effect in the context of a college housing lottery," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 74-82.
    3. Lynch, John G. & Bradlow, Eric T. & Huber, Joel C. & Lehmann, Donald R., 2015. "Reflections on the replication corner: In praise of conceptual replications," International Journal of Research in Marketing, Elsevier, vol. 32(4), pages 333-342.
    4. Samer Sarofim & Elizabeth Minton & Amabel Hunting & Darrell E. Bartholomew & Saman Zehra & William Montford & Frank Cabano & Pallab Paul, 2020. "Religion's influence on the financial well‐being of consumers: A conceptual framework and research agenda," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 1028-1061, September.
    5. Kouchaki, Maryam & Smith-Crowe, Kristin & Brief, Arthur P. & Sousa, Carlos, 2013. "Seeing green: Mere exposure to money triggers a business decision frame and unethical outcomes," Organizational Behavior and Human Decision Processes, Elsevier, vol. 121(1), pages 53-61.
    6. Mogilner, Cassie & Aaker, Jennifer & Kamvar, Sepandar, 2011. "How Happiness Impacts Choice," Research Papers 2084, Stanford University, Graduate School of Business.
    7. Xinxin Chen & Hongyan Yu, 2020. "The Impacts of the Personality Attribute of Time and Money on Customer Engagement Behavior: A Self-concept Perspective," International Business Research, Canadian Center of Science and Education, vol. 13(7), pages 1-14, July.
    8. 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.
    9. Hong Zhang & Jiawei Zhu & Li Wei & Wenting Zhang, 2021. "A Comparison between the Psychological Benefits of Giving Money vs. Giving Time," Journal of Happiness Studies, Springer, vol. 22(6), pages 2677-2701, August.
    10. Sebastian Lehmann & Martin Reimann, 2012. "The influence of time and money on product evaluations - a neurophysiological analysis," FEMM Working Papers 120011, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    11. Katina Kulow & Thomas Kramer, 2016. "In Pursuit of Good Karma: When Charitable Appeals to Do Right Go Wrong," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 43(2), pages 334-353.
    12. Luqiong Tong & Yuhuang Zheng & Ping Zhao, 2013. "Is money really the root of all evil? The impact of priming money on consumer choice," Marketing Letters, Springer, vol. 24(2), pages 119-129, June.
    13. Chiradip Chatterjee & Nafisa Halim & Pallab Mozumder, 2022. "Energy conservation and health risk reduction: an experimental investigation of punishing vs. rewarding incentives," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 24(4), pages 551-570, October.
    14. Ximena Garcia-Rada & Mary Steffel & Elanor F Williams & Michael I Norton, 2022. "Consumers Value Effort over Ease When Caring for Close Others [Inclusion of Other in the Self Scale and the Structure of Interpersonal Closeness]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 48(6), pages 970-990.
    15. Lee, Shinhyoung & Park, Kiwan, 2022. "How looking forward over the short period to-go affects consumer enjoyment: Role of temporal scarcity in access-based services," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    16. Johnson, Samuel G.B. & Park, Seo Young, 2021. "Moral signaling through donations of money and time," Organizational Behavior and Human Decision Processes, Elsevier, vol. 165(C), pages 183-196.
    17. Yong Zhang & Chuling Lin & Jialing Yang, 2019. "Time or Money? The Influence of Warm and Competent Appeals on Donation Intentions," Sustainability, MDPI, vol. 11(22), pages 1-17, November.
    18. Aaker, Jennifer & Vohs, Kathleen D. & Mogilner, Cassie, 2010. "Non-profits Are Seen as Warm and For-Profits as Competent: Firm Stereotypes Matter," Research Papers 2047, Stanford University, Graduate School of Business.
    19. Luo, Anqi & Ye, Tian & Xue, Xunyue & Mattila, Anna S., 2021. "Appreciation vs. apology: When and why does face covering requirement increase revisit intention?," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    20. 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.
    21. Laura Therese Heinl & Anna Baatz & Markus Beckmann & Peter Wehnert, 2021. "Investigating Sustainable NGO–firm Partnerships: An Experimental Study of Consumer Perception of Co-Branded Products," Sustainability, MDPI, vol. 13(22), pages 1-19, November.
    22. Dawid Gajda, 2020. "Polish Young Consumers’ AttitudesTowards Mobile Phone Brands," Journal of Marketing and Consumer Behaviour in Emerging Markets, University of Warsaw, Faculty of Management, vol. 2(11), pages 4-15.
    23. Zhao, Xiaohong & Cai, Fengyan & Yang, Zhiyong, 2023. "Are people less generous after a family member gives to charity? The interaction of self-construal and relationship type," International Journal of Research in Marketing, Elsevier, vol. 40(2), pages 398-416.
    24. Müller, Holger & Lehmann, Sebastian & Sarstedt, Marko, 2013. "The time vs. money effect. A conceptual replication," International Journal of Research in Marketing, Elsevier, vol. 30(2), pages 199-200.
    25. Chatterjee, Subimal & Rai, Dipankar & Heath, Timothy B., 2016. "Tradeoff between time and money: The asymmetric consideration of opportunity costs," Journal of Business Research, Elsevier, vol. 69(7), pages 2560-2566.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecl:stabus:2014. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/gsstaus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.