Consumers make their activity decisions generally under time and money constraints. The most important temporal constraint is the total amount of time that individuals can spend on their activities which is 24 hours a day. In addition, individuals also have limited amount of money available, depending on their income. These constraints influence consumers’ preferences by forcing them to make trade-off across their activities and expenditures when spending time and money on the activities. Choice experiments deal with the trade-off across attributes. However, the construction of choice sets generally does not consider any constraints. Therefore, to understand the budget constraint effects on activity decisions, we used a mixture amount design which allows us to use constraints in a choice experiment. This experiment is conducted for four activities such as shopping, out-of-home leisure, culture and at-home activities and four different available time and money budgets as constraints. The aim of this paper is to report the results of this experiment to understand how changing time and money budgets influence activity preferences.
|Title of host publication||Proceedings of the European Institute of Retailing and Services Studies Conference, 9-12 July, 2012, Vienna, Austria|
|Publication status||Published - 2012|
Dane, G. Z., & Timmermans, H. J. P. (2012). Individuals' activity preferences under time and monetary budget constraints : a mixture amount experiment application. In Proceedings of the European Institute of Retailing and Services Studies Conference, 9-12 July, 2012, Vienna, Austria