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