The value of time.

In a time-pressed society, it might be expected that people would value time more than, or as much as, money. Yet studies suggest many people are more willing to waste time than to waste money. One reason may be because it is more difficult to value time, as it is an abstract concept unlike cash. Another reason may be that people are so accustomed to putting a monetary value on things that they attempt to measure time in the same terms.

It is not surprising that money and time cannot be easily compared. Money has a readily exchangeable market, is highly liquid, and can be saved, but time is not readily exchangeable, it is perishable, and cannot be kept for later. The …