Estimating the value of leisure from a time allocation model

Sergio Jara-Diaz (), Marcela A. Munizaga, Paulina Greeven, Reinaldo Guerra and Kay Axhausen

Transportation Research Part B: Methodological, 2008, vol. 42, issue 10, 946-957

Abstract: A new approach to calculate the value of leisure is developed and applied. This is derived from a consumer behaviour model that includes goods and activities. A system of time assignment equations is explicitly obtained from which the values of both leisure and work can be analytically calculated using econometrically estimated parameters. This framework is applied using detailed data from three samples in diverse settings: Santiago (Chile), Karlsruhe (Germany), and Thurgau (Switzerland). The empirically estimated values of leisure differ from the wage rate and a theoretical justification is provided.

Date: 2008
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