Mental Temporal Accounting
Proceedings of the International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at Johns Hopkins University, Montgomery County Campus, Rockville, MD, United States, June 10-11, 2019, pp. 114-124.
11 Pages Posted: 15 Jun 2019 Last revised: 9 Jul 2019
Date Written: June 3, 2019
This paper introduces Mental Temporal Accounting – the behavioral economics application of mental accounting in the time domain. While most discounting studies are in the finance domain, social and environmental components have not gotten as much attention as appearing to require based on the novel perspectives this research grants. Theoretically we may also derive conclusions for contact theory and point at opening monetary gains focuses to social and environmental cues that may nudge people to perceive time differently and act on it accordingly. As mental accounting was successfully introduced to be extendable onto time, traditional mental accounting theory (Thaler, 1999) should be revisted for attention to time discounting in the social and environmental spheres alongside the economic attention. Elucidating how contexts and experiencing critical life stages of parenthood influence temporal activity allocation choices promises to improve manifold decisions on education, health, asset management, career paths and common goods preservation throughout life for this generation and the following.
Keywords: discounting, economic time, environmental time, mental temporal discounting, social time, time
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