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Time Is Tight: How Higher Economic Value of Time Increases Feelings of Time Pressure
Time Is Tight: How Higher Economic Value of Time Increases Feelings of Time Pressure
2010Working Paper No. 2066
The common heuristic association between scarcity and value implies that more valuable things appear scarcer (King, Hicks, & Abdelkhalik, 2009), an effect we show applies to time. In a series of studies we find that both income and wealth, which affect the economic value of time, influence perceived time pressure. Study 1 found that changes in income were associated with changes in perceived time pressure. Studies 2-4 showed that experimentally manipulating times perceived economic value caused greater feelings of time pressure and less patient behavior. Study 5 demonstrated that the relationship between income and time pressure was strengthened when participants were randomly assigned to think about the precise economic value of their time.
Keywords
human resources management, income, scarcity, time pressure, value of time, heuristic reasoning