For Lyft users, time is money—now, we know how much
Study suggests the U.S. may undervalue timesaving transportation infrastructure How much money is time worth? It’s an age-old question, but University of Chicago economists and their collaborators think they have found the answer—$19.38 per hour. It’s a finding with policy implications, according to the economists, because it suggests the U.S. government may currently be underestimating the value of travel time. To quantify the value of time, the economists created a field experiment involving 3.7 million users of the Lyft app in 13 cities. By manipulating the price ...
Source: uchicago.edu
