How I Decide Depends on What I Spend: Use of Heuristics Is Greater for Time than for Money
Year: 2007
Type: article
Abstract: We 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 (experiment 1) and to rely on an arbitrary anchor (experiment 2). We propose that such heuristics are used more for time because, compared to monetary expenditures, temporal expenditures are harder to account for. Consistent with this proposition, when participants in both time and money conditions are primed to account for their expenditures, they no longer differ in their use of heuristics. The associated response times offer additional process evidence (experiment 3).
Source: Journal of Consumer Research
DOI: 10.1086/525503
Authors: Ritesh Saini, Ashwani Monga
Institutions: George Mason University, University of South Carolina
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2036489286