Abstract: Traditional economists suggested that time is money, while a number of studies have found the different conclusions over the past years. This paper first systematically compares time with money in behavioral decision making, such as risk preference of losses and gains, sunk cost effect, mental accounting and endowment effect. However, research concerning this topic is still in the infant stage, with more questions needing further exploration in the future. Finally, some limitations are discussed and the directions for future study are suggested.

Key words: time, money, behavioral decision making