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Can consumption of convenience products reveal the opportunity cost of time?

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  • Phaneuf, Daniel J.
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    Abstract

    I 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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    File URL: http://www.sciencedirect.com/science/article/pii/S0165176511002448
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 113 (2011)
    Issue (Month): 1 (October)
    Pages: 92-95

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    Handle: RePEc:eee:ecolet:v:113:y:2011:i:1:p:92-95

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Shadow value of time Time constraints Household production Latent variable models;

    References

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    1. 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.
    2. 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.
    3. 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.
    4. Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-94, July.
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