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In organizational behavior and psychology, … In organizational behavior and psychology, Economic evaluation of time refers to the perceiving of time in terms of money. (Other forms of evaluation of time are concerned with the costs and benefits to the general community of changes in time-dependent activities.) When a person evaluates their time in monetary terms, time is viewed as a scarce resource that should be used as efficiently as possible to maximize the perceived monetary gains. Therefore, people who evaluate their time in terms of money are more likely to trade their time for money (i.e., workers provide their time to organizations in exchange for money)—as illustrated by research examining time and money trade-offs. Trading time for money is revealed through people's time use decisions. Across both mundane and major life decisions, people who evaluate their time in terms of money tend to spend their time in ways that give them more money at the expense of acquiring more time (e.g., driving to a cheaper, yet farther away gas station). Research found that, across these decisions, choosing to get more money at the expense of getting more time is associated with lower subjective well-being. Furthermore, the activation of economic evaluation of time has primarily been studied in the organizational behavior research with hourly payment schedules and performance incentives, which are robust predictors of economic evaluation of time. The psychological effects of receiving hourly payment and performance incentives promote the economic evaluations of time, and in turn lead employees to spend their time in ways that maximize personal success and economic gains, such as working more hours, socializing less with loved ones, and volunteering less.ss with loved ones, and volunteering less.
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In organizational behavior and psychology, … In organizational behavior and psychology, Economic evaluation of time refers to the perceiving of time in terms of money. (Other forms of evaluation of time are concerned with the costs and benefits to the general community of changes in time-dependent activities.) When a person evaluates their time in monetary terms, time is viewed as a scarce resource that should be used as efficiently as possible to maximize the perceived monetary gains. Therefore, people who evaluate their time in terms of money are more likely to trade their time for money (i.e., workers provide their time to organizations in exchange for money)—as illustrated by research examining time and money trade-offs.earch examining time and money trade-offs.
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Economic evaluation of time
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