Measuring the Values for Time
National Bureau of Economic Research, 2007 - Time management - 30 pages
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.
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addresses amount analysis assume baseline behavior blocks of leisure budget constraint Carolina State University choice margins choice question coefficients column complete specification consumption commitments conventional denote dependent variable Descriptive Statistics DeSerpa's determined in period devoted to household Diminishing marginal product Economics estimating equation evaluating Feather and Shaw flexibility framework given in equation home production household maintenance household production function household tasks implied individual's individuals Kerry Smith labor supply model leisure activities maintenance function maintenance labor maintenance services marginal cost marginal opportunity cost marginal utilities maximum likelihood NBER non-market activities non-response non-work activities non-work time allocation normal distribution North Carolina number of hours offered services parameters personal assistance service product of maintenance purchase service quadratic form Quadratic Model Quantile quasi-fixed requires respondent respondent's response rate role sample shadow value short time periods significant spent on maintenance spouse total maintenance tradeoffs typical week value of different