Overcoming barriers to time-saving: reminders of future busyness encourage consumers to buy time |
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| Authors: | Ashley V. Whillans Elizabeth W. Dunn Michael I. Norton |
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| Affiliation: | 1. Negotiations, Organizations, Markets Unit, Harvard Business School, Cambridge, MA, USA;2. Department of Psychology, University of British Columbia, Vancouver, Canada |
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| Abstract: | Spending money on time saving purchases improves happiness. Yet, people often fail to spend their money in this way. Because most people believe that the future will be less busy than the present, they may underweight the value of these purchases. We examine the impact of debiasing this previously unexplored barrier of consumer decisions to ‘buy time’ in a field experiment with a US-based sharing economy (N = 78,726). Prompting people to think that they will be as busy in the future as they are today increased the likelihood that customers would both open the email and click a link to purchase various services. In sum, making the future feel as busy as the present encourages individuals to buy future time. |
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| Keywords: | Well-being time-saving purchases future time-slack opportunity cost neglect |
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