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A Method to infer time preference from the value of time

Author

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  • François Gardes

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Using a generalization of Becker's time allocation model in order to estimate the shadow price of time, we explore the relationship between the inter-temporal substitution rate and the opportunity cost of time, allowing the endogenization of the time preference from the estimation of the value of time.

Suggested Citation

  • François Gardes, 2021. "A Method to infer time preference from the value of time," Post-Print halshs-03289200, HAL.
  • Handle: RePEc:hal:journl:halshs-03289200
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-03289200
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    File URL: https://halshs.archives-ouvertes.fr/halshs-03289200/document
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    References listed on IDEAS

    as
    1. Carla Canelas & François Gardes & Philip Merrigan & Silvia Salazar, 2019. "Are time and money equally substitutable for all commodity groups in the household’s domestic production?," Review of Economics of the Household, Springer, vol. 17(1), pages 267-285, March.
    2. Carla Canelas & François Gardes & Philip Merrigan & Silvia Salazar, 2019. "Are time and money equally substitutable for all commodity groups in the household’s domestic production?," Review of Economics of the Household, Springer, vol. 17(1), pages 267-285, March.
    3. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Annals of Economics and Statistics, GENES, issue 135, pages 89-120.
    4. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, Oxford University Press, vol. 122(3), pages 969-1006.
    5. Reuben Gronau & Daniel S. Hamermesh, 2006. "Time Vs. Goods: The Value Of Measuring Household Production Technologies," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(1), pages 1-16, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Time Allocation; Inter-temporal substitution rate; psychological rate of interest; Opportunity cost of time;
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