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The value of time, with and without a smartphone

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  • Randriamaro, Mary Tiana
  • Cook, Joseph

Abstract

Smartphones can lower the disutility of waiting by increasing productivity and making time pass more pleasantly. We elicit the compensation required by subjects to wait for 30 minutes, alone in an empty room, under four different conditions that varied access to the subject’s smartphone. Compared to the treatment where subjects had full use of their phone, we find that they required 24% percent more to wait with the audio features of the phone remaining but the phone physically locked away, 48% percent more to wait with only an FM radio, and 79% percent more to wait in a quiet room. We find little correlation between a subject’s wages and her offers, emphasizing the importance of heterogeneity in the value of time that is based on context rather than income.

Suggested Citation

  • Randriamaro, Mary Tiana & Cook, Joseph, 2022. "The value of time, with and without a smartphone," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 138-146.
    • Handle: RePEc:eee:jeborg:v:200:y:2022:i:c:p:138-146
    DOI: 10.1016/j.jebo.2022.05.008
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