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Measuring the values for time / Raymond B. Palmquist, Daniel J. Phaneuf, V. Kerry Smith

Author
Palmquist, Raymond B.
Published
Cambridge, Mass. : National Bureau of Economic Research, [2007]
Copyright Date
©2007
Physical Description
30 pages : illustrations ; 22 cm.
Additional Creators
Phaneuf, Daniel J. (Daniel James), Smith, Kerry C., and National Bureau of Economic Research
Online Version

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Summary
Most economic models for time allocation ignore constraints on what people can actually do with their time. Economists recently have emphasized the importance of considering prior consumption commitments that constrain behavior. This research develops a new model for time valuation that uses time commitments to distinguish consumers' choice margins and the different values of time these imply. The model is estimated using a new survey that elicits revealed and stated preference data on household time allocation. The empirical results support the framework and find an increasing marginal opportunity cost of time as longer time blocks are used.
Subject(s)
Note
"November 2007."
Bibliography Note
Includes bibliographical references (pages 23-24).
Other Forms
Also available in PDF from the NBER world wide web site (www.nber.org).
View MARC record | catkey: 4165727