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Production of (Pleasant) Time by Means of (Unpleasant) Time: Some Notes on Consumption Theory and Time Use

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  • Nisticò, Sergio

Abstract

The aim of this paper is to propose an analytical framework, wherein the individuals' choice problem is addressed in terms of alternative time‐consuming activities rather than in terms of alternative bundles of goods and services. In particular, the paper reverses Becker's (1965) proposal to approach the problem of time allocation by transforming the time spent in consumption into foregone earnings. The result of reversing Becker's approach is a model that represents each activity as a sort of productive process allowing to produce pleasant time by consuming 'direct' unpleasant time and the 'indirect' amount of unpleasant time equivalent to the market goods used up as inputs.

Suggested Citation

  • Nisticò, Sergio, 2010. "Production of (Pleasant) Time by Means of (Unpleasant) Time: Some Notes on Consumption Theory and Time Use," MPRA Paper 48722, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:48722
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    References listed on IDEAS

    as
    1. Sergio Nisticò, 2005. "Consumption and time in economics: prices and quantities in a temporary equilibrium perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 943-957, November.
    2. Nicholas Georgescu-Roegen, 1954. "Choice, Expectations and Measurability," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(4), pages 503-534.
    3. Schelling, Thomas C, 1984. "Self-Command in Practice, in Policy, and in a Theory of Rational Choice," American Economic Review, American Economic Association, vol. 74(2), pages 1-11, May.
    4. Scitovsky, Tibor, 1992. "The Joyless Economy: The Psychology of Human Satisfaction," OUP Catalogue, Oxford University Press, number 9780195073478.
    5. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-444, June.
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    Cited by:

    1. Nisticò, Sergio, 2020. "Keynes's investment theory as a micro-foundation for his grandchildren," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 14, pages 1-15.
    2. Marina Bianchi & Sergio Nisticò, 2018. "Shackle: an enquirer into choice," Working Papers 2018-03, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.
    3. Nisticò, Sergio, 2015. "Enjoyment takes time: Some implications for choice theory," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-40.
    4. Sergio Nisticò, 2021. "Some notes on Gossen’s “submerged and forgotten” approach to consumption and time," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(4), pages 635-653, July.

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    More about this item

    Keywords

    Time use; Consumption theory;

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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