In the News

KSL TV: Gephardt: Prices Out The Cost Of Convenience

By August 2, 2021August 20th, 2021No Comments

From KSL:

Is trading time to save money always the right trade-off?

“It’s going to be a person-by-person decision,” said Eric VanEpps, an assistant professor at the University of Utah’s David Eccles School of Business, who teaches behavioral economics.

Paying more for convenience to save time is not necessarily a bad thing, he told us.

“We shouldn’t treat time as though it doesn’t have any value at all,” VanEpps said. “We should pay attention to the opportunity cost of our time.”

Whether we buy pre-sliced veggies to shave time off meal prep, or swing by a coffee shop rather than brew our own coffee, or drive miles out of our way to find gas that’s under four bucks a gallon – these are all situations we decide what works best for us.

Read the full story in KSL TV. 

 

News Mention