The Psychological Analysis Of Time And Money Based On The Mental Accounting Perspective

More than 200 years ago,Franklin said that "time is money." Time and money are tow important resources for people,which meet people's various needs.Where are differences and similarities of psychological and behavioral between using these two resources? This article study that whether time is like money- based on the mental accounting perspective.This article includes the following three parts:Study 1:Using open questionnaire to collect psychological and behavioral of people's using time,then analyzed the text materials from the perspective of mental accounting.Inferred that the use of time and money is not exactly same psychological.Time and money are similar in gains or losses of cognitive,psychological budget and non-alternative features;it is the poorer flexibility of time than money,and difference between time and money in life cycle planning, people always think that we should treasure time,improve the efficiency of using time.Study 2:This study used questionnaire and statistic methods to explore that time and money whether has the same psychological characteristic.The main characteristics of money mental accounting analogy to the time,we also got the psychological characteristics of budget, flexibility and avoiding loss in using time by confirmatory factor analysis,and people's more strongly to avoiding loss in time.Study 3:Using context experimental method to explore that whether appear non-rational behavior decision-making in using time as money.Conclusion of the study got that people decide to whether or not invest additional time costs arising from sunk cost effect,depending on the importance of the events and the length of inputting time;and compared to money,regardless of gaining or losing time,people prefer to the certainty and low-risk.