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The Time vs. Money Effect: Shifting Product Attitudes and Decisions through Personal Connection

Author

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  • Mogilner, Cassie

    (Stanford University)

  • Aaker, Jennifer L.

    (Stanford University)

Abstract

The results of five field and laboratory experiments reveal a "time vs. money effect" whereby activating time (vs. money) leads to a favorable shift in product attitudes and decisions. Because time increases focus on product experience, activating time (vs. money) augments one's personal connection with the product, thereby boosting attitudes and decisions. However, because money increases focus on product possession, the reverse effect can occur in cases where merely owning the product reflects the self (i.e., for prestige possessions, or for highly materialistic consumers). The "time vs. money effect" proves robust across implicit and explicit methods of construct activation. Implications for research on the psychology of time and money are discussed.

Suggested Citation

  • Mogilner, Cassie & Aaker, Jennifer L., 2009. "The Time vs. Money Effect: Shifting Product Attitudes and Decisions through Personal Connection," Research Papers 2014, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:2014
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    Cited by:

    1. McKenzie R. Rees & Ann E. Tenbrunsel & Kristina A. Diekmann, 2022. "“It’s Just Business”: Understanding How Business Frames Differ from Ethical Frames and the Effect on Unethical Behavior," Journal of Business Ethics, Springer, vol. 176(3), pages 429-449, March.
    2. Samer Sarofim & Elizabeth Minton & Amabel Hunting & Darrell E. Bartholomew & Saman Zehra & William Montford & Frank Cabano & Pallab Paul, 2020. "Religion's influence on the financial well‐being of consumers: A conceptual framework and research agenda," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 1028-1061, September.
    3. Kouchaki, Maryam & Smith-Crowe, Kristin & Brief, Arthur P. & Sousa, Carlos, 2013. "Seeing green: Mere exposure to money triggers a business decision frame and unethical outcomes," Organizational Behavior and Human Decision Processes, Elsevier, vol. 121(1), pages 53-61.
    4. Xinxin Chen & Hongyan Yu, 2020. "The Impacts of the Personality Attribute of Time and Money on Customer Engagement Behavior: A Self-concept Perspective," International Business Research, Canadian Center of Science and Education, vol. 13(7), pages 1-14, July.
    5. Grewal, Dhruv & Kopalle, Praveen & Marmorstein, Howard & Roggeveen, Anne L., 2012. "Does Travel Time to Stores Matter? The Role of Merchandise Availability," Journal of Retailing, Elsevier, vol. 88(3), pages 437-444.
    6. Luqiong Tong & Yuhuang Zheng & Ping Zhao, 2013. "Is money really the root of all evil? The impact of priming money on consumer choice," Marketing Letters, Springer, vol. 24(2), pages 119-129, June.
    7. Ximena Garcia-Rada & Mary Steffel & Elanor F Williams & Michael I Norton, 2022. "Consumers Value Effort over Ease When Caring for Close Others [Inclusion of Other in the Self Scale and the Structure of Interpersonal Closeness]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 48(6), pages 970-990.
    8. Johnson, Samuel G.B. & Park, Seo Young, 2021. "Moral signaling through donations of money and time," Organizational Behavior and Human Decision Processes, Elsevier, vol. 165(C), pages 183-196.
    9. Aaker, Jennifer & Vohs, Kathleen D. & Mogilner, Cassie, 2010. "Non-profits Are Seen as Warm and For-Profits as Competent: Firm Stereotypes Matter," Research Papers 2047, Stanford University, Graduate School of Business.
    10. Aaker, Jennifer L. & Rudd, Melanie & Mogilner, Cassie, 2010. "If Money Doesn't Make You Happy, Consider Time," Research Papers 2067, Stanford University, Graduate School of Business.
    11. Laura Therese Heinl & Anna Baatz & Markus Beckmann & Peter Wehnert, 2021. "Investigating Sustainable NGO–firm Partnerships: An Experimental Study of Consumer Perception of Co-Branded Products," Sustainability, MDPI, vol. 13(22), pages 1-19, November.
    12. Dawid Gajda, 2020. "Polish Young Consumers’ AttitudesTowards Mobile Phone Brands," Journal of Marketing and Consumer Behaviour in Emerging Markets, University of Warsaw, Faculty of Management, vol. 2(11), pages 4-15.
    13. Zhao, Xiaohong & Cai, Fengyan & Yang, Zhiyong, 2023. "Are people less generous after a family member gives to charity? The interaction of self-construal and relationship type," International Journal of Research in Marketing, Elsevier, vol. 40(2), pages 398-416.
    14. Chatterjee, Subimal & Rai, Dipankar & Heath, Timothy B., 2016. "Tradeoff between time and money: The asymmetric consideration of opportunity costs," Journal of Business Research, Elsevier, vol. 69(7), pages 2560-2566.
    15. Nash, Jane Gradwohl & Rosenthal, Robert A., 2014. "An investigation of the endowment effect in the context of a college housing lottery," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 74-82.
    16. Lynch, John G. & Bradlow, Eric T. & Huber, Joel C. & Lehmann, Donald R., 2015. "Reflections on the replication corner: In praise of conceptual replications," International Journal of Research in Marketing, Elsevier, vol. 32(4), pages 333-342.
    17. Mogilner, Cassie & Aaker, Jennifer & Kamvar, Sepandar, 2011. "How Happiness Impacts Choice," Research Papers 2084, Stanford University, Graduate School of Business.
    18. Hong Zhang & Jiawei Zhu & Li Wei & Wenting Zhang, 2021. "A Comparison between the Psychological Benefits of Giving Money vs. Giving Time," Journal of Happiness Studies, Springer, vol. 22(6), pages 2677-2701, August.
    19. Sebastian Lehmann & Martin Reimann, 2012. "The influence of time and money on product evaluations - a neurophysiological analysis," FEMM Working Papers 120011, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    20. Katina Kulow & Thomas Kramer, 2016. "In Pursuit of Good Karma: When Charitable Appeals to Do Right Go Wrong," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 43(2), pages 334-353.
    21. Chiradip Chatterjee & Nafisa Halim & Pallab Mozumder, 2022. "Energy conservation and health risk reduction: an experimental investigation of punishing vs. rewarding incentives," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 24(4), pages 551-570, October.
    22. Lee, Shinhyoung & Park, Kiwan, 2022. "How looking forward over the short period to-go affects consumer enjoyment: Role of temporal scarcity in access-based services," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    23. Yong Zhang & Chuling Lin & Jialing Yang, 2019. "Time or Money? The Influence of Warm and Competent Appeals on Donation Intentions," Sustainability, MDPI, vol. 11(22), pages 1-17, November.
    24. Luo, Anqi & Ye, Tian & Xue, Xunyue & Mattila, Anna S., 2021. "Appreciation vs. apology: When and why does face covering requirement increase revisit intention?," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    25. Müller, Holger & Lehmann, Sebastian & Sarstedt, Marko, 2013. "The time vs. money effect. A conceptual replication," International Journal of Research in Marketing, Elsevier, vol. 30(2), pages 199-200.

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