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Time is not money

Author

Listed:
  • Ellingsen, Tore

    (Dept. of Economics, Stockholm School of Economics)

  • Johannesson, Magnus

    (Dept. of Economics, Stockholm School of Economics)

Abstract

Casual observation suggests that people are more generous with their time than with their money. In this paper we present experimental evidence supporting the hypothesis. A third of our subjects demand no compensation for non-monetary investments, whereas almost all subjects demand compensation for equally costly monetary investments. The finding supports the contention that generosity to some extent is symbolic and context dependent, and that social norms encourage generosity in the time domain.

Suggested Citation

  • Ellingsen, Tore & Johannesson, Magnus, 2006. "Time is not money," SSE/EFI Working Paper Series in Economics and Finance 663, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastef:0663
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    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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