Time Versus Money: Differential Use of Heuristics

Ashwani Monga, University of Texas, San Antonio
Ritesh Saini, George Mason University
We experimentally demonstrate that decision making is more heuristic in situations that involve spending time rather than money. Relative to participants in the money condition, those in the time condition show a higher propensity to choose a compromise option, and rely on an arbitrary anchor. We also offer evidence for the underlying process.
[ to cite ]:
Ashwani Monga and Ritesh Saini (2008) ,"Time Versus Money: Differential Use of Heuristics", in NA - Advances in Consumer Research Volume 35, eds. Angela Y. Lee and Dilip Soman, Duluth, MN : Association for Consumer Research, Pages: 746-747.