Preference for Money over Time
The finding that most people, given a choice, prefer more money to more time.
What it is
Hershfield, Mogilner and Barnea found that most participants preferred money, while those who chose time reported higher happiness, including after accounting for how much money they had. It is drawn from work by Hal Hershfield, Cassie Mogilner and Uri Barnea (2016).
In effect
The article on why we pay for convenience to show why few people take the trade draws on it.
What it does not say
It describes what most participants chose and links the choice of time to higher happiness. Further studies explored whether choosing time causes greater happiness, so the link should not be read as proof of cause.
Sources
- Hershfield, H. E., Mogilner, C., & Barnea, U. (2016). People who choose time over money are happier. Social Psychological and Personality Science, 7(7), 697-706.