On The Price Of Recreation Goods As A Determinant Of Male Labor Supply
This paper examines whether and how changes in the price of goods consumed in conjunction with leisure time influence the life-cycle allocation of work effort by part of prime-age males. For the U.S., individual-level data is combined with Metropolitan Area-level price indices of recreation goods to estimate the male elasticity of intertemporal substitution of market time with respect to the price of recreation goods, which is found to be centered at 0.18 and statistically different from zero. The allocation of work effort over the life-cycle in response to changes in the price of recreation goods creates movements in the output of an economy that could be important for understanding economic fluctuations.
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