Can consumption of convenience products reveal the opportunity cost of time?
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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- 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.
- 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.
- Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-94, July.
- 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.
- 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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