Waiting Time and Decision Making：Is Time like Mone.pdfVIP

Waiting Time and Decision IVIaking: Is Time like Money? FRANCE LECLERC BERND H. SCHMJTT LAURETTE DUBE* Time is a resource. As such , consumers have to make decisions regarding their use of time in the purchase and consumption of goods and services. Using prospect theory and mental accounting as theoreticai frameworks , this article investigates whether consumers treat time like money when they make decisions. In a series of studies, we found that the value of consumers time is not constant but depends on contextual characteristics of the decision situation . Our results also suggest that in deterministic situations, people make decisions involving time losses in a manner consistent with the convex loss function proposed by prospect theory. However, in decision making under conditions of risk, people seem to make risk-averse choices with respect to decisions in the domain of time In contrast to the risk-seeking behavior often found with respect to decisions involving losses of money. We discuss the nonfungibility of time as an explanation for the discrepancy between decisions in- volving time and those involving