This post contains a video that investigates a methodology to determine decision making based on maximizing utility per time consumed. This factors in time consumed on the activity, getting to the activity, and time spent earning money to pay for the activity. All monetary costs are converted into time required to earn the money.
The methodology is explained using two types of examples. The first example considers average utility derived from time consumed during an average week. This looks at utility and time spent at work. Utility and time spent relaxing. Utility and time spent in engaging in activities that are expected to yield enjoyment. Key areas to consider in this example are the amount of utility derived from working and the additional utility that can be derived from activities presumed pleasurable from the time sacrificed at work.
The second example compares two activities. These activities are going to the lake for a picnic and going to eat and watch a movie at the cinema. The costs of food, travel and cinema tickets were considered in regards to time consumed engaging in the activity as well as time consumed to obtain money to make payment. We cannot definitively say that the day at the lake or the trip to cinema is the better option. It all depends on individual preference. In many cases a person will select the day at the lake on some occasions and a trip to the cinema on others.
The key emphasis of the video is that time should be considered the ultimate currency that decisions should be based upon. Maximising the quality of our time should be more important than maximising income, wealth, or material possessions. Though money can be used to enhance the quality of our lives. The time and loss of quality of life from acquiring money needs to be considered in any decisions. I hope I can bring about a paradigm shift away from goals of earning money and material possessions towards a goal of life long happiness.
The video can be watched at the link below:
I have another video that is less technical which makes comparison between valuing material wealth and valuing time. This video is available at:
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