The version of supergravity formulated by Ogievetsky and Sokatchev is
almost identical to the conventional N=1 theory, except that the cosmo
logical constant Lambda appears as a dynamical variable which is const
ant only by virtue of the field equations. We consider the canonical q
uantization of this theory, and show that the wave function evolves wi
th respect to a dynamical variable which can be interpreted as a cosmo
logical time parameter. The square of the modulus of the wave function
obeys a set of simple conservation equations and can be interpreted a
s a probability density functional. The usual problems associated with
time in quantum gravity are avoided.