In a natural experiment, college students riding public transit to UCLA were presented with the opportunity to pay for time savings. They could pay 75t: to travel right away, or wait an average of 5.3 minutes for a free ride. Eighty~six percent of riders chose to wait rather than pay. Their behavior suggests that the dis utility of time spent waiting for a free ride is Jess than $8.50 per hour. Riders overestimated their wait time by a factor of two when it was imposed by the transit system, but accurately estimated their wait time when they chose to wait for the free bus ride.
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Hess et al. (2004) studied this question.
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