The Opportunity Cost of Time

Time Management

If you haven’t already read “Predictably Irrational” by Dan Ariely, I certainly recommend it. If you want to get a summary of his ideas, go watch his TED talk.

Dan has recently annouced to involved in a new project, an iOS app called “Timeful” (Timeful Website) which is being built with the intention to help us better manage our lives and our time.

The angle that is quite fascinating is that, according to what they published on the blog so far, the team aims to bring the opportunity cost of time to the user’s awareness.

Since Professor Ariely is an expert in behavioral economics 1 , he knows all too well how our mind plays tricks on us. I am certainly looking forward to see what they can come up with and got on the beta list already.

Update: I just got the invite for the beta version and installed the app on my iPhone. I am looking forward to giving it a try.

Here’s a short video in which Dan explains the basic idea and premise:

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  1. Behavioral economics studies the effects of social, cognitive, and emotional factors on the economic decisions of individuals. See more here