Short Run Constraints and the Increasing Marginal Value of Time in Recreation
Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 46 (2010)
Issue (Month): 1 (May)
|Contact details of provider:|| Web page: http://www.springer.com|
Postal:c/o EAERE Secretariat - Fondazione Eni Enrico Mattei - Isola di San Giorgio Maggiore 8, I-30124 Venice, Italy
Web page: http://www.eaere.org/
More information through EDIRC
|Order Information:||Web: http://www.springer.com/economics/environmental/journal/10640/PS2|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raj Chetty & Adam Szeidl, 2006.
"Consumption Commitments and Risk Preferences,"
NBER Working Papers
12467, National Bureau of Economic Research, Inc.
- Feather, Peter & Shaw, W. Douglass, 1998.
"Estimating The Cost Of Leisure Time For Recreation Demand Models,"
1998 Annual meeting, August 2-5, Salt Lake City, UT
20855, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- 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.
- Landefeld, J Steven & McCulla, Stephanie H, 2000. "Accounting for Nonmarket Household Production within a National Accounts Framework," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 289-307, September.
- DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
- 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.
- Robert E. Hall, 2009. "Reconciling Cyclical Movements in the Marginal Value of Time and the Marginal Product of Labor," Journal of Political Economy, University of Chicago Press, vol. 117(2), pages 281-323, 04.
- Lew, Daniel K. & Larson, Douglas M., 2005. "Accounting for stochastic shadow values of time in discrete-choice recreation demand models," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 341-361, September.
- Peter C. Reiss & Matthew W. White, 2006. "Evaluating Welfare with Nonlinear Prices," NBER Working Papers 12370, National Bureau of Economic Research, Inc.
- Nancy E. Bockstael & Ivar E. Strand & W. Michael Hanemann, 1987. "Time and the Recreational Demand Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(2), pages 293-302.
- Frank J. Cesario, 1976. "Value of Time in Recreation Benefit Studies," Land Economics, University of Wisconsin Press, vol. 52(1), pages 32-41.
- K. E. McConnell, 1999. "Household Labor Market Choices and the Demand for Recreation," Land Economics, University of Wisconsin Press, vol. 75(3), pages 466-477.
- Harley Frazis & Jay Stewart, 2007. "Where Does the Time Go? Concepts and Measurement in the American Time Use Survey," NBER Chapters, in: Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches, pages 73-97 National Bureau of Economic Research, Inc.
- Douglas M. Larson & Sabina L. Shaikh, 2001. "Empirical Specification Requirements for Two-Constraint Models of Recreation Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 428-440.
- Dale Jorgenson & J. Steven Landefeld & William D. Nordhaus, 2006. "A New Architecture for the U.S. National Accounts," NBER Books, National Bureau of Economic Research, Inc, number jorg06-1, September.
When requesting a correction, please mention this item's handle: RePEc:kap:enreec:v:46:y:2010:i:1:p:19-41. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.