Research Experiments

The Psychology of Time versus Money

Adnan Zafar

Lemonade Experiment

The results?
Time Sign Percent of Buyers Average Price Satisfaction (1-7) 14% $2.50 6.71 Money Sign 7% $1.38 5.74

i Pod Experiment
Phase 1 of the Experiment Priming
How much time have you spent on your iPod? How much money have you spent on your iPod?
To 'prime' the students with a Time activation question and a Money activation question.

Phase 2 of the Experiment Attitude

When considering your next iPod what thoughts come to your mind?
To gauge the general attitude toward the iPod after the 'time and money' activation questions
.

Phase 3 of the Experiment Identity The students were then asked to rate on a scale of 1 (agree) to 7 (disagree) the following statements: Listening to an iPod represents who I am. Listening to an iPod is a voluntary choice. Listening to an iPod reflects the type of person I am.. Listening to an iPod is an important priority to me.

iPod Experiment
The results?
Time Attitude Personal Connection 6.28 5.14 Money 5.28 3.81

The study also showed that those primed with time used references like: I, me or my in describing their attitude toward the iPod. Students primed with time made more personal references than those primed with money.