NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Measuring the Values for Time

Raymond B. Palmquist, Daniel J. Phaneuf, V. Kerry Smith

NBER Working Paper No. 13594
Issued in November 2007
NBER Program(s):   EEE   LS

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.

download in pdf format
   (184 K)

email paper

This paper is available as PDF (184 K) or via email.

Acknowledgments

Machine-readable bibliographic record - MARC, RIS, BibTeX

Users who downloaded this paper also downloaded these:
Palmquist, Phaneuf, and Smith w14986 Short Run Constraints and the Increasing Marginal Value of Time in Recreation
Mullahy and Robert w14513 No Time to Lose? Time Constraints and Physical Activity
Aguiar and Hurst w12082 Measuring Trends in Leisure: The Allocation of Time Over Five Decades
Gronau and Hamermesh w9650 Time Vs. Goods: The Value of Measuring Household Production Technologies
 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us