Rethinking time: Implications for well‐being

Time is the medium in which we live. Psychologically, time contextualizes our thoughts as they reach into the future, absorb the present, or reflect on the past, and it becomes the material of our thoughts as we anxiously manage our daily schedules. Behaviorally, time manifests as a resource that plays into the decisions we make for how to save it or spend it, thereby determining the substance of our hours, days, and ultimately lives. Although time is central to people’s lives (Bhattacharjee & Mogilner, 2014; Mogilner & Norton, 2016; Sellier & Avnet, 2014), consumer researchers have traditionally focused on the purchasing of material goods and on money as the key resource to do so (e.g., Belk, 1985, 1988; Richins, 1994; Richins & Dawson, 1992). In this tradition, time is typically viewed as relevant to the extent it influences or reflects the decision processes driving material purchases (Jacoby, Szybillo, & Berning, 1976). More recently, however, the construct of time has received growing attention with work showing that, although time and money share some similarities, consumers treat these two resources differently (e.g., DeVoe & Pfeffer, 2007, 2011; Festjens & Janiszewski, 2015; Hershfield, Mogilner, & Barnea, 2016; Leclerc, Schmitt, & Dube, 1995; Monga & Saini, 2009; Okada & Hoch, 2004; Saini & Monga, 2008; Soman, 2001; Soster, Monga, & Bearden, 2010; Spiller, 2011; Whillans & Dunn, 2015; Zauberman & Lynch, 2005). Most notably, time (and the way people choose to spend it) serves as a clearer reflection of one’s self and is thus more connected to happiness than is money (Gino & Mogilner, 2014; Hershfield et al., 2016; Liu & Aaker, 2008; Mogilner, 2010; Mogilner & Aaker, 2009; Whillans, Weidman, & Dunn, 2016). Despite its intimate relevance to individuals’ lives and despite its enormity and perpetual force, time generally only becomes the focus of people’s attention when it feels scarce (Carstensen, 2006; Mullainathan & Shafir, 2013). It is from feeling that there are too few hours in the day that people view their behavior as tradeoffs (Shah, Mullainathan, & Shafir, 2012; Shah, Shafir, & Mullainathan, 2015; DOI: 10.1002/arcp.1003

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