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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 663:
Time is not money

Tore Ellingsen () and Magnus Johannesson ()

Abstract: Casual observation suggests that people are more generous with their time than with their money. In this paper we present experimental evidence supporting the hypothesis. A third of our subjects demand no compensation for non-monetary investments, whereas almost all subjects demand compensation for equally costly monetary investments. The finding supports the contention that generosity to some extent is symbolic and context dependent, and that social norms encourage generosity in the time domain.

Keywords: Altruism; Bargaining; Non-monetary generosity; (follow links to similar papers)

JEL-Codes: C91; J20; L14; Z13; (follow links to similar papers)

15 pages, December 7, 2006

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