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Separability and the Shadow Value of Leisure Time

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  • Douglas M. Larson

Abstract

Recreation choices are often viewed as short-run decisions conditioned on longer-run labor supply. Using weak separability to reflect this relationship, the wage rate is the shadow value of time for individuals who get no utility from work, whether or not they are observed to be trading time for money in the short run. This result widens the circumstances under which the wage rate (not some fraction thereof) is the theoretically correct shadow value of time. Modifications to such a conclusion are developed for cases in which work is a source of utility and in which the first-stage choice is not continuous.

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  • Douglas M. Larson, 1993. "Separability and the Shadow Value of Leisure Time," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(3), pages 572-577.
    • Handle: RePEc:oup:ajagec:v:75:y:1993:i:3:p:572-577.
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    References listed on IDEAS

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    1. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
    2. V. Kerry Smith & William H. Desvousges & Matthew P. McGivney, 1983. "The Opportunity Cost of Travel Time in Recreation Demand Models," Land Economics, University of Wisconsin Press, vol. 59(3), pages 259-278.
    3. Russell L. Gum & William E. Martin, 1975. "Problems and Solutions in Estimating the Demand for and Value of Rural Outdoor Recreation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(4), pages 558-566.
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    1. Lupi, Frank & Phagan, Tiffany D. & Hoehn, John P. & Graham-Tomasi, Theodore, 1996. "Time Values in Recreational Demand: The Empirical Relevance of Labor Supply Constraints," Staff Paper Series 201211, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Daigee Shaw & Yu-Lan Chien & Yih-Ming Lin, 1999. "Alternative approach to combining revealed and stated preference data: evaluating water quality of a river system in Taipei," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 2(2), pages 97-112, June.
    3. Woodall, Stacie & Wandschneider, Philip R. & Foltz, John C. & Taylor, R. Garth, 2002. "Valuing Idaho Wineries With A Travel Cost Model," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36613, Western Agricultural Economics Association.
    4. Carla Canelas & François Gardes & Philip Merrigan & Silvia Salazar, 2019. "Are time and money equally substitutable for all commodity groups in the household’s domestic production?," Review of Economics of the Household, Springer, vol. 17(1), pages 267-285, March.
    5. Kwangsuck Lee & In-Moo Kim, 2005. "Estimating the value of leisure time in Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 12(10), pages 639-641.
    6. McKean, John R. & Johnson, Donn M. & Taylor, R. Garth, 2001. "The Value Of Sport Fishing In The Snake River Basin Of Central Idaho," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36190, Western Agricultural Economics Association.
    7. John Gibson & Bonggeun Kim & Steven Stillman & Geua Boe-Gibson, 2013. "Time to vote?," Public Choice, Springer, vol. 156(3), pages 517-536, September.
    8. Feather, Peter & Shaw, W. Douglass, 1999. "Estimating the Cost of Leisure Time for Recreation Demand Models," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 49-65, July.
    9. Larson, Douglas M. & Loomis, John B. & Chien, Yu-Lan, 1993. "Combining Behavioral and Conversational Approaches To Value Amenities: An Application to Gray Whale Population Enhancement," 1993 Annual Meeting, August 1-4, Orlando, Florida 271404, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    10. Christopher Azevedo & John R. Crooker, 2008. "Alternative Approaches to Incorporating the Opportunity Cost of Time in Recreation Demand Models," Working Papers 0803, University of Central Missouri, Department of Economics & Finance, revised May 2008.
    11. Phaneuf, Daniel James, 1997. "Generalized corner solution models in recreation demand," ISU General Staff Papers 1997010108000013022, Iowa State University, Department of Economics.
    12. Nathalie de Marcellis-Warin & Ingrid Peignier & Vincent Mouchikhine & Mohamed Mahfouf & Marco Lugo Rodriguez, 2015. "Évaluation des coûts socio-économiques liés aux bris des infrastructures souterraines au Québec - mise à jour," CIRANO Project Reports 2015rp-18, CIRANO.
    13. Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," RFF Working Paper Series dp-98-07, Resources for the Future.
    14. Roberto Martinez-Espineira & Joe Amoako-Tuffour, 2008. "Multi-destination and multi-purpose trip effects in the analysis of the demand for trips to a remote recreational site," EERI Research Paper Series EERI_RP_2008_19, Economics and Econometrics Research Institute (EERI), Brussels.
    15. Daigee Shaw & Yu-Lan Chien & Yih-Ming Lin, 1999. "Alternative approach to combining revealed and stated preference data: evaluating water quality of a river system in Taipei," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 2(2), pages 97-112, June.
    16. Grinols, Earl L., 1999. "Distance Effects in Consumption: Measuring Distance Value with Application to Casino Siting," The Review of Regional Studies, Southern Regional Science Association, vol. 29(1), pages 63-76, Summer.
    17. Amoako-Tuffour, Joe & Martınez-Espineira, Roberto, 2008. "Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination," MPRA Paper 8573, University Library of Munich, Germany.
    18. Chae, Dong-Ryul & Wattage, Premachandra & Pascoe, Sean, 2012. "Recreational benefits from a marine protected area: A travel cost analysis of Lundy," Tourism Management, Elsevier, vol. 33(4), pages 971-977.
    19. Larson, Douglas M. & Lew, Daniel K., 2000. "Valuing Time Onsite and in Travel in Recreation Demand Models," Western Region Archives 321674, Western Region - Western Extension Directors Association (WEDA).

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