Short Run Constraints and the Increasing Marginal Value of Time in Recreation / 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. w14986.

NBER working paper series no. w14986

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2009.

Summary:

Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.

Notes:

Print version record

May 2009.