Money, Time, and the Stability of Consumer Preferences

Journal of Marketing Research, Vol. 52, No. 2, 2015

Posted: 26 Jan 2010 Last revised: 31 Mar 2015

See all articles by Leonard Lee

Leonard Lee

Columbia Business School - Marketing

Michelle Lee

Singapore Management University - Lee Kong Chian School of Business

Marco Bertini

ESADE - Ramon Llull University

Gal Zauberman

Yale

Dan Ariely

Duke University - Fuqua School of Business

Abstract

Consumers often make product choices that involve the consideration of money and time. Building on dual-process models, we propose that these two basic resources activate qualitatively different modes of processing: while money is processed analytically, time is processed more affectively. Importantly, this distinction then influences the stability of consumer preferences. An initial set of three experiments demonstrate that, compared to a control condition free of the consideration of either resource, money consideration generates significantly more violations of transitivity in product choice, while time consideration has no such impact. The next three experiments use multiple approaches to demonstrate the role of different processing modes associated with money versus time consideration in this result. Finally, two additional experiments test ways in which the cognitive noise associated with the analytical processing that money consideration triggers could be reduced, resulting in more consistent preferences.

Keywords: Money versus time, dual-process models, affect, consumer choice, preference consistency

Suggested Citation

Lee, Leonard and Lee, Michelle and Bertini, Marco and Zauberman, Gal and Ariely, Dan, Money, Time, and the Stability of Consumer Preferences. Journal of Marketing Research, Vol. 52, No. 2, 2015. Available at SSRN: https://ssrn.com/abstract=1542283 or http://dx.doi.org/10.2139/ssrn.1542283

Leonard Lee (Contact Author)

Columbia Business School - Marketing ( email )

New York, NY 10027
United States
212 854 2177 (Phone)
212 854 7647 (Fax)

Michelle Lee

Singapore Management University - Lee Kong Chian School of Business ( email )

469 Bukit Timah Road
Singapore 912409
Singapore

Marco Bertini

ESADE - Ramon Llull University ( email )

Avinguda de la Torre Blanca, 59
Sant Cugat del Vall├Ęs, 08172
Spain

Gal Zauberman

Yale ( email )

165 Whitney Avenue
New Haven, CT 06511
United States

Dan Ariely

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
(919) 381-4366 (Phone)

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