Thursday 3 October 2019

Pay for time

People always face time constraints; for example, when they are make purchases on Amazon, after a certain number of searches, they stop searching and make their purchase decisions. Although search may not have a monetary cost, the time spent on searching is another type of cost and time can be valued by money. How much money you are willing to receive in order to give up a given period of time is the money value you give to this particular period of time. Moreover, we can also measure the monetary value of time by how much money you are willing to pay for stopping waiting or getting a holiday.
Sometimes we voluntarily pay for an agent to help us to do something which is time consuming. For example, we sometimes choose to pay extra money to get our orders prioritised because we may need the order urgently (such as flying business class for a urgent business meeting, or paying for Amazon Prime). However, sometimes we are forced into a situation where we have to choose between time and money. It may be caused by accident.  For example, an unexpected disruption in train service may force us to choose more expensive travel option. However, sometimes it is caused by intentional behaviour. For example, London underground strike is powerful because it makes the people living in London very inconvenient and people (represented by the government) are forced to choose between spending more time on road and pay more to the underground workers.
 for time
People always face time constraints; for example, when they are make purchases on Amazon, after a certain number of searches, they stop searching and make their purchase decisions. Although search may not have a monetary cost, the time spent on searching is another type of cost and time can be valued by money. How much money you are willing to receive in order to give up a given period of time is the money value you give to this particular period of time. Moreover, we can also measure the monetary value of time by how much money you are willing to pay for stopping waiting or getting a holiday.
Sometimes we voluntarily pay for an agent to help us to do something which is time consuming. For example, we sometimes choose to pay extra money to get our orders prioritised because we may need the order urgently (such as flying business class for a urgent business meeting, or paying for Amazon Prime). However, sometimes we are forced into a situation where we have to choose between time and money. It may be caused by accident.  For example, an unexpected disruption in train service may force us to choose more expensive travel option. However, sometimes it is caused by intentional behaviour. For example, London underground strike is powerful because it makes the people living in London very inconvenient and people (represented by the government) are forced to choose between spending more time on road and pay more to the underground workers.

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