Pakiza H

development economics researcher
MSc Economics @ KCL

[Pakiza H @pakizehuseyin]

+People were willing to wait about 15 extra minutes to save $0.45 per gallon. With an average purchase of 10.5 gallons, that's about $4.73 saved for 15 minutes, or roughly $19 an hour. And that's close to what the average American worker earned.

[Pakiza H @pakizehuseyin]

Economists love cost-benefit analysis, especially for roads, bridges and subways. But to do it, you need to know what people's time is worth. Economists don't just ask. They watch what people do. In the 1970s, California put a price ceiling on gas. +++

[Pakiza H @pakizehuseyin]

+++Stations with the capped price had long lines, and stations with normal prices didn't. Economists Robert Deacon and Jon Sonstelie realized that people choosing to wait in line were telling us what their time was worth. The benefit of waiting: cheaper gas. The cost: your time.+

[Pakiza H @pakizehuseyin]

@SurbhiKesar @SOASEconomics @SOAS Good day, I am masters student at KCL and based in London. I am studying economic and policy for my masters and interested in development economics. I would like to attend event in person. Can you please share information on how to attend.

[Pakiza H @pakizehuseyin]

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