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If Money Doesn't Make You Happy, Consider Time

Author

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  • Aaker, Jennifer L.

    (Stanford University)

  • Rudd, Melanie

    (Stanford University)

  • Mogilner, Cassie

    (University of Pennsylvania)

Abstract

Although a substantial amount of research has examined the link between money and happiness, far less has examined the link between time and happiness. This paper argues, however, that time plays a critical role in understanding happiness, and it complements the money-spending happiness principles in Dunn, Gilbert, and Wilson (2010) by offering five time-spending happiness principles: 1) spend time with the right people; 2) spend time on the right activities; 3) enjoy the experience without spending the time; 4) expand your time; and 5) be aware that happiness changes over time.

Suggested Citation

  • 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.
  • Handle: RePEc:ecl:stabus:2067
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    File URL: http://gsbapps.stanford.edu/researchpapers/library/RP2067.pdf
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    References listed on IDEAS

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    1. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    2. 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.
    3. 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.
    4. Loewenstein, George, 1987. "Anticipation and the Valuation of Delayed Consumption," Economic Journal, Royal Economic Society, vol. 97(387), pages 666-684, September.
    5. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
    6. van Praag, B. M. S. & Frijters, P. & Ferrer-i-Carbonell, A., 2003. "The anatomy of subjective well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 29-49, May.
    7. Kathleen Lloyd & Christopher Auld, 2002. "The Role of Leisure in Determining Quality of Life: Issues of Content and Measurement," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 57(1), pages 43-71, January.
    8. Lina Eriksson & James Rice & Robert Goodin, 2007. "Temporal Aspects of Life Satisfaction," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 80(3), pages 511-533, February.
    9. 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.
    10. Liu, Wendy & Aaker, Jennifer L., 2008. "The Happiness of Giving: The Time-Ask Effect," Research Papers 1998, Stanford University, Graduate School of Business.
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