ABSTRACT
The view of time as an economic value is common in many approaches to the study of time. For instance, in his well-known economic theory of time, Becker (1965) equates the value of time with its opportunity cost. Similarly, in discussing the perception of time in consumer research, Graham (1981) stated that people in Western culture have a “linear-separable” view of time: “Time is visualized as a straight line extending from the past into the future and separable into discrete units” (Graham 1981:336). This view that discrete properties are associated with time implies that choices are made in terms of allocating units of time among competing activities. In other words, time is perceived as having value and as capable of being bought and spent as well as being saved and wasted. We can buy time, for example, when we invest in a new product designed to save us time. Alternatively, we can spend time to acquire a good, e.g., when we wait in line at a ticket counter. Time can be wasted as in situations in which we spend more time waiting or doing something than we feel should have been necessary.
