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AbstractThe authors address the effects of money gain and loss on individually perceived value as predicted by prospect theory in a time gain‐and‐loss context. Three experiments were conducted. Experiment 1 results support the prospect theory concept of value function. According to Experiment 2 results, the amount of money involved exerted different impacts on individual perceptions—specifically, study participants preferred gaining $1 on one occasion to gaining 50 cents over two occasions and preferred losing $1 one time to losing 50 cents twice. Further, the combined results indicate that the study participants held different perceptions of the value of "short time" versus "little money"—that is, they preferred saving an extra 2 minutes on one occasion to saving 1 minute on two occasions and preferred waiting an extra 1 minute two times to waiting an extra 2 minutes one time. Copyright © 2014 John Wiley & Sons, Ltd.