By Mira Korber, guest blogger.
And thankfully so, because those privacy policies would surely be gobbling up a lot of time. According to this entertaining article from The Atlantic, a pair of researchers from Carnegie Mellon University decided to determine all the time we would spend responsibly reading all the privacy policies we encounter in a year.
Here are the numbers:
- Time required to read: approx. 10 mins
- Number of sites we visit with unique privacy policies: approx. 1,462
- Individual time required to read all these policies: 25 days straight or 76 business days
- Aggregate time required for reading: 53.8 billion hours
So it’s evident to everyone by now that reading privacy policies keeps us from doing other big important things.
The Economic Lesson
Every decision comes with an opportunity cost. It’s what you sacrifice when you choose to do anything at all.
An Economic Question: Have you ever considered the opportunity cost of other mundane daily activities similar to reading privacy policies?