Time, Money, and Happiness: Does Putting a Price on Time Affect Our Ability to Smell the Roses?

Journal of Experimental Social Psychology, 2016

5 Pages Posted: 2 Sep 2015 Last revised: 26 Apr 2017

See all articles by Scott Connors

Scott Connors

Washington State University

Mansur Khamitov

Nanyang Business School, Nanyang Technological University (NTU Singapore); Nanyang Business School, Nanyang Technological University (NTU Singapore)

Sarah Moroz

University of Western Ontario

Lorne Campbell

University of Western Ontario

Claire Henderson

Western University

Date Written: 2016

Abstract

DeVoe and House (2012; Experiment 3) demonstrated that the process of thinking about one’s income in relation to time (i.e., as an hourly wage) affected the enjoyment that participants derived from pleasurable experiences. Participants compelled to think of “time is money” experienced more impatience and less enjoyment in reaction to listening to a pleasurable piece of music compared to participants not asked to think of time as money. These effects were attenuated when participants were financially compensated for this leisure time. This suggests that putting a price on time can influence enjoyment of leisure activities, depending on the degree to which individuals are compensated for engaging in these activities. To determine the reliability, and magnitude, of the reported effects, two preregistered high-powered close replications were conducted. These independent replication attempts, as well as the analyses on the combined sample, failed to replicate the original pattern of findings. The results of the current studies suggest that, using these operationalizations of the study variables, the interactive effects of compensation and calculation cannot be considered robust and may not consistently predict happiness or impatience.

Keywords: Time, Money, Impatience, Happiness, Replication, Reproducibility

JEL Classification: C91, J20, E40, M54, M12, M31, D12, E20

Suggested Citation

Connors, Scott and Khamitov, Mansur and Moroz, Sarah and Campbell, Lorne and Henderson, Claire, Time, Money, and Happiness: Does Putting a Price on Time Affect Our Ability to Smell the Roses? (2016). Journal of Experimental Social Psychology, 2016. Available at SSRN: https://ssrn.com/abstract=2654093

Scott Connors

Washington State University ( email )

Wilson Rd.
College of Business
Pullman, WA 99164
United States

Mansur Khamitov

Nanyang Business School, Nanyang Technological University (NTU Singapore) ( email )

Singapore, 639798
Singapore
+(65)6514 8983 (Phone)

HOME PAGE: http://www.mansurkhamitov.com/

Nanyang Business School, Nanyang Technological University (NTU Singapore) ( email )

50 Nanyang Avenue
Singapore, 639798
Singapore
+(65)6514 8983 (Phone)

HOME PAGE: http://www.mansurkhamitov.com/

Sarah Moroz

University of Western Ontario ( email )

1151 Richmond Street
Suite 2
London, Ontario N6A 5B8
Canada

Lorne Campbell (Contact Author)

University of Western Ontario ( email )

1151 Richmond Street
Suite 2
London, Ontario N6A 5B8
Canada

Claire Henderson

Western University ( email )

1151 Richmond St
London, Ontario N6A 3K7
Canada

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