On the value of time and human life

François Gardes ()
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François Gardes: Université Paris1 Panthéon-Sorbonne - Centre d'Economie de la Sorbonne, https://centredeconomiesorbonne.univ-paris1.fr

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: The opportunity cost of time is estimated using a model basef on domestic productions depending on monetary and time expenditures and a direct utility depending on produced commodities. These factors of domestic productions are measured by the matching of a Family Budget survey with a ime Use survey. The new model is estimated on Canadian, French, Polish, U.S. and Burkina-Faso statistics. It allows estimating the economic value of human life based on the integration of the marginal value of each instant during the individual's life cycle. This value is shown to give a different pattern across countries compared to their per capita GDP. Finally, the opportunity cost of time is shown to vary between commodities according to the possibility to substitute money and time in the domestic production. It also increases relatively of the average wage rate at a macro level, between countries, according to the degree of liberalization of the labor market

Keywords: opportunity cost of time; value of human life (search for similar items in EconPapers)
JEL-codes: D13 D91 J31 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2018-10
New Economics Papers: this item is included in nep-lma
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:18028

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