In his manual “Advice to a Young Tradesman,” printed July 21, 1748, Ben Franklin opined that Time is Money.

‘Time is Money’ is interpreted in different ways by different people.  Is there a relationship between wealth and the desire to take up a cash offer, like getting paid for a later flight or participating in a survey?  It makes sense that there would be a relationship between wealth and desire, but it might not be the case.

People make decisions for lots of reasons, not necessarily just about the money.  Chicago Booth researchers dig into the thought process of people considering an offer for something, like taking a later flight while traveling, for a credit worth $200 or $400.  The truth is that airlines frequently overbook flights for an excellent reason from their perspective- to maximize profits.  Airlines want to ensure that every seat generates income, even if it means paying passengers who get bumped to another flight.

What is time worth, besides ‘Money’?  The answer will be different depending on the person, but is there a relationship between a person’s wealth and the desire to take what is being offered?  The answer may surprise you.  As the Booth researchers conclude in the article below, unless prompted to think about income level or overall need for money, most people have the same willingness to wait for a later flight.

Have you ever had a similar offer?  Let me know!

~ Brian Kasal- The Leadership Matrix

Click here- Would You Take a Later Flight for Cash?

P.S.- Did you see my last Leadership Matrix post?  Jim Lovell: The Eagle Scout That Saved Apollo 13

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