Abstract
Most agree that consumers buy goods and services because of the value they receive. However, answers to questions such as what is value, how is it created, who creates it, for whom, and does it remain constant, are not very clear. Extant literature has focused on the two components of value—benefits and costs—in a static manner. It overlooks one key component, that is, time. This study looks at these two components as a function of time and suggests a consumer value typology. The typology is based on whether both benefits and costs exist in the same time dimension or if one of them occurs before another.