The Perceived Value of Time in a Transaction

Yu-Tse Lin, National Chengchi University, Taiwan
Lien-Ti Bei, National Chengchi University, Taiwan
Prospect Theory, which focuses on people’s perceptions of monetary gains or losses, is applied in the present research to explain consumers’ perceived value of time as a function of time spent searching and purchasing a product or service. In order to test participants’ perceived values of time, a computer program was constructed to simulate actual waiting in line at a bank. Respondents were then tested for their perceptions of gains or losses. The results support the suggestions of Prospect Theory with respect to consumers’ perceptions of time and its value beyond the original monetary gains or losses.
[ to cite ]:
Yu-Tse Lin and Lien-Ti Bei (2008) ,"The Perceived Value of Time in a Transaction", in NA - Advances in Consumer Research Volume 35, eds. Angela Y. Lee and Dilip Soman, Duluth, MN : Association for Consumer Research, Pages: 720-721.