1. A presentation by Dr. Robin Upton (2005-05-08). Available for download at www.altruists.org/ae9 Attribution – NonCommercial - ShareAlike www.altruists.org Altruistic Economics AE 9 : Personal Time-Banking Introduction to Personal Time-Banking Recommended Pre-requisite: AE7: Multiple Currencies v1.0

2. Introduction to Personal Time-Banking. “Personal Time Banking” Users can define any currencies they wish [AE7] Personal time is a unique resource, because it… … is available, but limited & precious to everyone. Personal time has a role as a default … … cannot be stored. … is understood worldwide. … denomination for sympathy. … reference currency.

3. Aysha “Personal Time Banking”. Time as the Default Currency “Time Banking” is a phrase used by centralised CC systems worldwide => Personal time, T P, is an obvious choice as a universal reference currency [AE7] To differentiate this model from these we talk of “Personal Time Banking” Personal Time Bank For Aysha, write this T Aysha T Aysha Universal Income T Aysha Time Spent Decentralised Record structure. Aysha has exclusive control of this data. Everyone has a ‘Personal Time Bank’, with a God-given income of 24 Hours/day

4. Time as the Default Currency. Consistency of T P Statements People are free to use T P just as they would any other currency Actions that take one hour need not necessarily be rated at -1, so people can vary T P to reflect their feelings … 1 hour of time enjoyably spent might be rated at –½, 0, +2 … Time Agreeably Spent: T P > -1 1 hour of unpleasant activity could be rated as –2, –3, –10 …  Time Disagreeably Spent: T P < -1

5. Consistency of T P Statements. Time-Denominated Sympathy Friends make sympathy statements that intermediate each another’s differing usages of T P Evaluation of transactions with T P is subjective, so different individuals may use it in differently ways… A coherent system is possible if individuals’ own uses of T P are consistent T Friend Sympathy TPTP

6. Aysha Time-Denominated Sympathy. Reviewing Computer Fixing To facilitate time exchange, use T P as the default currency for sympathy Users who spend more resources on than time with friends may express sympathy in other currencies Personal Time Bank Friend’s Time Aysha’s Time 1 2 3 -2-3 -2 1 T Aysha T Friend Sympathy

7. Birbal Personal Time Bank Aysha Personal Time Bank Reviewing Computer Fixing Currency Conversions The computer fixing example of AE5 involves 3 currencies: T A, T X & T B Request Capacity T Birbal T Aysha Computer -Fixing Time, T X This is a 3 rd Party Defined Currency Aysha declares her skill with reference to her Personal time Bank Birbal makes his request with respect to his Personal time Bank Now consider the two exchange rates involved …

8. Currency Conversions. Transaction Calculation Every currency conversion occurs with reference to an Exchange Rate statement [AE6] DescriptionFromToPublished By Competency ( Computer Skill) T Aysha TXTX Aysha Request (For Computer Skill) TXTX T Birbal Birbal Now we shall use some actual values to calculate the Individualistic Transaction Evaluation [AE5] …

9. Transaction Calculation. Individualistic Transaction Evaluation ConversionExchange Rate T Aysha TxTx T Birbal Competency ( Computer Skill) (nT x, -nT Aysha ) Request (For Computer Skill) (6T Birbal, -T x ) … saving 6 hours from Birbal’s Time Bank Aysha withdraws 1 hour from her Personal Time Bank … T X serves as a Medium of Exchange. No one actually accrues any. +6 +1 and swaps it for 1 hour of computer fixing time … +1

10. Individualistic Transaction Evaluation. Aysha’s Sympathy for Birbal CalculationT Aysha T Birbal Individualistic Evaluation +6 … Birbal benefits, but Aysha loses out. Competency Request Now we look at the effects of sympathy [AE1-3, 5-7] … => Considered from a purely selfish basis … Shared responsibility of both parties

11. Birbal Personal Time Bank Aysha’s Sympathy for Birbal. Birbal’s Sympathy for Aysha Aysha’s altruistic motivation involves 2 currencies: T A & T B Aysha Personal Time Bank Sympathy T Birbal Use Aysha’s sympathy statement to convert 6T B into T A : 6T Birbal x (nT B, -n0.4T A ) = 2.4T Aysha +6 Aysha’s sympathy statement declares how she equates T B to T A T Aysha +2.4

12. Aysha Personal Time Bank Birbal’s Sympathy for Aysha. Altruistic Transaction Evaluation Birbal’s sympathy for Aysha also involves T A & T B Birbal Personal Time Bank Sympathy T Aysha Birbal’s sympathy statement translates T A to T B : -1T Aysha x (n0.25T B, -nT A ) = -0.25T Birbal T Birbal -¼

13. Altruistic Transaction Evaluation.Computer Fixing Resource Cycle Calculation T Aysh a T Birbal Individualistic Evaluation +6 Aysha’s Sympathy for Birbal Birbal’s Sympathy for Aysha +2.4 -0.25 +1.4+5.75 Add together the Selfish & Sympathetic evaluations... Applying sympathy … we discover that both Aysha & Birbal see the transaction as profitable., Altruistic Evaluation

14. Birbal Personal Time Bank Aysha Personal Time Bank Computer Fixing Resource Cycle Request Capacity Sympathy T Birbal T Aysha Computer -Fixing Time, T X Sympathy T Birbal Calculation. Work for a Friend of a Friend Actual Resources T Aysha

15. Birbal Aysha Work for a Friend of a Friend. Currency Conversions Capacity TBTB Personal Time Bank Chris Request Personal Time Bank Sympathy TATA TCTC TBTB Calculation TXTX TATA TCTC Actual Resources If Aysha fixes a computer for a friend of a friend, the accounting involves 4 * currencies… *More if there are other indirect sympathies… Sympathy

16. Currency Conversions. Modelling Relationships Exchange RateValueT Aysha T Birba l T Chri s TxTx Competency (Computer Skill) ( nT x, -nT Aysha )+1 Request (For Computer Skill) (6T Chris, -T x )+6 Sympathy (For Chris) ( nT Chris, -n0.5T Birbal ) Sympathy (For Birbal) ( nT Birbal, - n0.4T Aysha ) to find that Aysha sees this as profitable, since +1.2 –1 > 0 +3 +1.2 Again, we apply sympathy …

17. Summary of Personal Time-Banking Recommended Further Reading AE10: Keeping Score... http://www.altruists.org/ae10 Personal time, T P, is a uniquely important currency. By default, T P is used to denominate sympathy. However, T P functions just like any other currency. 5T A, -5T X nT A, -2nT X