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People fail to correctly value (1) the cost of these time saving services and (2) their own time. It's similar to how people will drive around to save 5 cents
by Chronic30 12y ago
People fail to correctly value (1) the cost of these time saving services and (2) their own time.
It's similar to how people will drive around to save 5 cents per gallon on gasoline. Usually, they will only end up saving a dollar. Or someone will make multiple trips to their car to unload all groceries (which can add significant time in apartment buildings) because they wanted to save 20 cents and not buy a paper/plastic bag during checkout. These little things add up in time.
- adamzerner 12y agoI think it's clear that people don't value these things properly. The interesting question is why. What are the underlying heuristics and biases? I'm posing the question, but I don't have a great answer to it.
- pm90 12y agoBecause most people don't think that deeply about these things. And while money can be easily quantified, its not the case with time. I think pg has an essay on this.