Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 663: Time is not money

Tore Ellingsen () and Magnus Johannesson ()
Additional contact information
Tore Ellingsen: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Magnus Johannesson: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden

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

JEL-codes: C91; J20; L14; Z13

15 pages, December 7, 2006

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