Time Is Tight: How Higher Economic Value of Time Increases Feelings of Time Pressure
48 Pages Posted: 20 Oct 2010
Date Written: October 19, 2010
The common heuristic association between scarcity and value implies that more valuable things appear scarcer (King, Hicks, & Abdelkhalik, 2009), an effect we show applies to time. In a series of studies we find that both income and wealth, which affect the economic value of time, influence perceived time pressure. Study 1 found that changes in income were associated with changes in perceived time pressure. Studies 2-4 showed that experimentally manipulating time’s perceived economic value caused greater feelings of time pressure and less patient behavior. Study 5 demonstrated that the relationship between income and time pressure was strengthened when participants were randomly assigned to think about the precise economic value of their time.
Keywords: income, scarcity, value of time, Human Resources Management, heuristic reasoning, time pressure
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