Measuring the Values for Time

30 Pages Posted: 14 Nov 2007 Last revised: 25 Aug 2022

See all articles by Raymond B. Palmquist

Raymond B. Palmquist

North Carolina State University

Daniel J. Phaneuf

North Carolina State University - Department of Agricultural & Resource Economics

V. Kerry Smith

Arizona State University (ASU) - Economics Department; National Bureau of Economic Research (NBER)

Date Written: November 2007

Abstract

Most economic models for time allocation ignore constraints on what people can actually do with their time. Economists recently have emphasized the importance of considering prior consumption commitments that constrain behavior. This research develops a new model for time valuation that uses time commitments to distinguish consumers' choice margins and the different values of time these imply. The model is estimated using a new survey that elicits revealed and stated preference data on household time allocation. The empirical results support the framework and find an increasing marginal opportunity cost of time as longer time blocks are used.

Suggested Citation

Palmquist, Raymond B. and Phaneuf, Daniel J. and Smith, V. Kerry, Measuring the Values for Time (November 2007). NBER Working Paper No. w13594, Available at SSRN: https://ssrn.com/abstract=1029935

Raymond B. Palmquist

North Carolina State University ( email )

Raleigh, NC 27695-8110
United States
919-515-3274 (Phone)
919-515-7873 (Fax)

Daniel J. Phaneuf

North Carolina State University - Department of Agricultural & Resource Economics ( email )

Box 8109
3332 Nelson Hall
Raleigh, NC 27695-8109
United States

V. Kerry Smith (Contact Author)

Arizona State University (ASU) - Economics Department ( email )

Tempe, AZ 85287-3806
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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