The Value of Time in the Future and Present

Erica Mina Okada, University of Hawaii
Money is more valuable in the present than in the future, but we propose that with time the relative value in the future versus the present is more ambiguous. Time would be more valuable in the future if one considered its higher perceived opportunity cost in the future versus the present. However, time would be more valuable in the present if one considered its relative perceived scarcity in the present versus the future. We explore how the relative ambiguity in the value of future versus present time affects people’s decisions to buy and sell time, and expedite and postpone a task.
[ to cite ]:
Erica Mina Okada (2008) ,"The Value of Time in the Future and Present", in NA - Advances in Consumer Research Volume 35, eds. Angela Y. Lee and Dilip Soman, Duluth, MN : Association for Consumer Research, Pages: 76-79.