Can consumption of convenience products reveal the opportunity cost of time?
AbstractI examine how people's consumption of time-saving products can be used to estimate the shadow value of time. I use a household production model to motivate an empirical approach that can be implemented using survey data.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 113 (2011)
Issue (Month): 1 (October)
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Web page: http://www.elsevier.com/locate/ecolet
Shadow value of time Time constraints Household production Latent variable models;
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- Donald, Stephen G. & Hamermesh, Daniel S., 2009. "A structural model of the fixed time costs of market work," Economics Letters, Elsevier, vol. 104(3), pages 125-128, September.
- Raymond B. Palmquist & Daniel J. Phaneuf & V. Kerry Smith, 2009.
"Short Run Constraints and the Increasing Marginal Value of Time in Recreation,"
NBER Working Papers
14986, National Bureau of Economic Research, Inc.
- Raymond Palmquist & Daniel Phaneuf & V. Smith, 2010. "Short Run Constraints and the Increasing Marginal Value of Time in Recreation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 46(1), pages 19-41, May.
- Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-94, July.
- Feather, Peter M & Shaw, W Douglas, 2000. "The Demand for Leisure Time in the Presence of Constrained Work Hours," Economic Inquiry, Western Economic Association International, vol. 38(4), pages 651-61, October.
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