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Estimating the value of leisure from a time allocation model

  • Jara-Díaz, Sergio R.
  • Munizaga, Marcela A.
  • Greeven, Paulina
  • Guerra, Reinaldo
  • Axhausen, Kay
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    A new approach to calculate the value of leisure is developed and applied. This is derived from a consumer behaviour model that includes goods and activities. A system of time assignment equations is explicitly obtained from which the values of both leisure and work can be analytically calculated using econometrically estimated parameters. This framework is applied using detailed data from three samples in diverse settings: Santiago (Chile), Karlsruhe (Germany), and Thurgau (Switzerland). The empirically estimated values of leisure differ from the wage rate and a theoretical justification is provided.

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    Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

    Volume (Year): 42 (2008)
    Issue (Month): 10 (December)
    Pages: 946-957

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    Handle: RePEc:eee:transb:v:42:y:2008:i:10:p:946-957
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    1. Begona Alvarez-Farizo & Nick Hanley & Ramon Barberan, 2001. "The Value of Leisure Time: A Contingent Rating Approach," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 44(5), pages 681-699.
    2. Hélène Couprie, 2007. "Time allocation within the Family: Welfare implications of life in a couple," Economic Journal, Royal Economic Society, vol. 117(516), pages 287-305, 01.
    3. 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.
    4. Kay Axhausen & Andrea Zimmermann & Stefan Schönfelder & Guido Rindsfüser & Thomas Haupt, 2002. "Observing the rhythms of daily life: A six-week travel diary," Transportation, Springer, vol. 29(2), pages 95-124, May.
    5. Evans, Alan W, 1972. "On the Theory of the Valuation and Allocation of Time," Scottish Journal of Political Economy, Scottish Economic Society, vol. 19(1), pages 1-17, February.
    6. Winston, Gordon C., 1987. "Activity choice : A new approach to economic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 8(4), pages 567-585, December.
    7. W. Douglass Shaw, 1992. "Searching for the Opportunity Cost of an Individual's Time," Land Economics, University of Wisconsin Press, vol. 68(1), pages 107-115.
    8. Juster, F. Thomas, 1990. "Rethinking utility theory," Journal of Behavioral Economics, Elsevier, vol. 19(2), pages 155-179.
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