What is it about?
The success of many public policies depends on public acceptance of the policy and willingness to pursue the goals of the policy. A major determiner of public demand for the products of the policy are the behavioral costs associated with the policy. This study demonstrates that time costs can be just as important as monetary and effort costs.
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Why is it important?
Policy makers need science-based methods to evaluate public response to the policy. This paper describes how the policy maker can assess public response to the time costs associated with the policy and adjust resources to maximize acceptance.
Perspectives
For forty years I have pursued an understanding of economic factors in the control of behavior and founded a focus of study called behavioral economics. This paper adds an important dimension to that behavioral analysis and provides an empirical basis for a general model of demand and discounting.
Steven Hursh
Institutes for Behavior Resources, Inc.
Read the Original
This page is a summary of: Time Cost and Demand: Implications for Public Policy, Perspectives on Behavior Science, July 2022, Springer Science + Business Media,
DOI: 10.1007/s40614-022-00349-8.
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