The Study On The Sunk Cost Of Time And Money And Its Relationship With Relavent Factors

Time as a physical property along with psychological and subjective attributes of resources is an important reference for decision-making in people’s lives, and it is the third dimension of the people’s daily life.Compared with researches on money decisions, time related decision study is relatively new.However, the majority of the current research on time is from the perspective of conversion between time and money, and as a result, the outcomes of time related decision making research are usually attached with economic significance of money. We suggest that the unique attributes of time should be taken full account of when it comes to time related decision making research.In this study, we firstly used scenario experiment method, and investigated the influence of sunk costs on consumer decision-making, the interaction between sunk costs of time and sunk costs of money as well as the mechanism between psychological time value and sunk costs effect. Exploring the content and structure of psychological time value through literature research, interviews and questionnaires and other methods.We found that:Frist, The sunk costs of time have a significant positive effect on people’s decisions and of no significant effect anticipation experience.Second, Sunk costs of time and sunk cost of money separately influence people’s consumption decisions in positive directions.Third, Psychological time value is a six dimension structure, including time characteristic, emotional communication, efficiency, value for money and emotionnnnal experience.Fourth, Psychological time value played an intermediary role in time and money sunk costs effect. However, sunk costs of time and sunk cost of money influence different dimensions of psychological time value.In the end, limitations of this research and future research outlook are discussed.