Measuring the Values for Time / Raymond B. Palmquist, Daniel J. Phaneuf, V. Kerry Smith.

Format:

Book

Author/Creator:

Palmquist, Raymond B.

Contributor:

National Bureau of Economic Research.

Phaneuf, Daniel J.

Smith, V. Kerry.

Series:

Working Paper Series (National Bureau of Economic Research) no. w13594.

NBER working paper series no. w13594

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2007.

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.

Notes:

Print version record

November 2007.