The common heuristic association between scarcity and value implies that more valuable things appear scarcer (King, Hicks, & Abdelkhalik, 2009), an effect we show applies to time. In a series of studies we find that both income and wealth, which affect the economic value of time, influence...

Using longitudinal data from the British Household Panel Survey, the authors examine how individuals' employment compensation - salaried or hourly - affects their decisions to trade time for money. Results indicate that there is a positive association between hourly wages and a desire to...