Mason and Fabritius: Using Student Data to Teach Utitlity Maximizing Behavior

Table 2: Monetary Value of Time Example

Start time End time Activity Number Minutes Spent Utility per avg min
#(-100--+100)
Pay Other Direct Expense MonetaryValue (r)
5:00 am 11:30 am 25 390 25     $6.32
11:30 am 12:30 pm 30 60 15     $3.79
12:45 pm 1:15 pm 23 30 20     $5.05
1:15 pm 2:00 pm 21 45 30     $7.57
2:00 pm 2:45 pm 30 45 25     $6.32
2:45 pm 5:00 pm 20 135 35   $45.00 $8.84
5:00 pm 5:45 pm 21 45 30     $7.57
5:45 pm 6:00 pm 17 45 30     $7.57
6:00 pm 6:30 pm 23 30 27     $6.82
6:30 pm 11:30 pm 41 300 32     $8.08
               
               
               
               

r = 38/.16 = 237.5

w = 21/12 = 175