The value of time in a repeated and one-off setup
| Authors | |
|---|---|
| Year of publication | 2024 |
| Type | Article in Periodical |
| Magazine / Source | Research in Transportation Economics |
| MU Faculty or unit | |
| Citation | |
| Web | https://www.sciencedirect.com/science/article/pii/S0739885924000039 |
| Doi | http://dx.doi.org/10.1016/j.retrec.2024.101408 |
| Keywords | Valuation of time; Waiting time; Time preferences; Long-run vs. short-run; Repeated vs. one-off |
| Attached files | |
| Description | Some recent studies have highlighted the importance of considering the temporal context as a potential factor influencing time valuation estimates. However, in studies that compare shorter and longer-run choice settings, various elements tend to differ between the two settings, rendering it difficult to infer what drives short and long-run estimates apart. This paper focuses on the comparison between time valuations associated with one-off vs. repeated events. We present the results of a lab experiment on the valuation of waiting time, which has been carefully designed such that the only element varying between the two treatments is whether the choice has a repetitive character or concerns a one-off event. We find no significant differences between the two treatments, and hence can conclude that the repetitive character of a choice situation is unlikely to drive differences between short- and long-run estimates, at least if the concerned travel or waiting times are relatively short (<10 min). |
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