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Estimating the value of leisure time in Korea

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  • Kwangsuck Lee
  • In-Moo Kim

Abstract

To estimate the value of leisure time, this paper suggests the enodogenous switching model which incorporates individual's willingness to take more leisure time. The empirical results show that the value of leisure time in terms of willingly give-up shadow wage is greater than the market wage by 9% in Korea. The Korea economic crisis in 1997 seems to reduce the value of leisure time nearly 14%.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:apeclt:v:12:y:2005:i:10:p:639-641
    DOI: 10.1080/13504850500166295
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    References listed on IDEAS

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    1. Frank J. Cesario, 1976. "Value of Time in Recreation Benefit Studies," Land Economics, University of Wisconsin Press, vol. 52(1), pages 32-41.
    2. 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.
    3. Fishe, Raymond P. H. & Lahiri, Kajal, 1981. "On the estimation of inflationary expectations from qualitative responses," Journal of Econometrics, Elsevier, vol. 16(1), pages 89-102, May.
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    Cited by:

    1. Jara-Díaz, Sergio R. & Munizaga, Marcela A. & Greeven, Paulina & Guerra, Reinaldo & Axhausen, Kay, 2008. "Estimating the value of leisure from a time allocation model," Transportation Research Part B: Methodological, Elsevier, vol. 42(10), pages 946-957, December.
    2. John Gibson & Bonggeun Kim & Steven Stillman & Geua Boe-Gibson, 2013. "Time to vote?," Public Choice, Springer, vol. 156(3), pages 517-536, September.
    3. Jara-Diaz, Sergio, 2020. "Transport and time use: The values of leisure, work and travel," Transport Policy, Elsevier, vol. 86(C), pages 7-13.
    4. Guy Hutton, Laurence Haller and Jamie Bartram, 2006. "Economic and Health Effects of Increasing Coverage of Low Cost Water and Sanitation Interventions," Human Development Occasional Papers (1992-2007) HDOCPA-2006-33, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).

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