The value of time in a repeated and one-off setup

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KOSÍKOVÁ Renata KRČÁL Ondřej PEER Stefanie

Year of publication 2024
Type Article in Periodical
Magazine / Source Research in Transportation Economics
MU Faculty or unit

Faculty of Economics and Administration

Keywords Valuation of time; Waiting time; Time preferences; Long-run vs. short-run; Repeated vs. one-off
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Description Some recent studies have highlighted the importance of considering the temporal context as a potential factor influencing time valuation estimates. However, in studies that compare shorter and longer-run choice settings, various elements tend to differ between the two settings, rendering it difficult to infer what drives short and long-run estimates apart. This paper focuses on the comparison between time valuations associated with one-off vs. repeated events. We present the results of a lab experiment on the valuation of waiting time, which has been carefully designed such that the only element varying between the two treatments is whether the choice has a repetitive character or concerns a one-off event. We find no significant differences between the two treatments, and hence can conclude that the repetitive character of a choice situation is unlikely to drive differences between short- and long-run estimates, at least if the concerned travel or waiting times are relatively short (<10 min).
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