Estimating the value of leisure time in Korea
Kwangsuck Lee and
In-Moo Kim
Applied Economics Letters, 2005, vol. 12, issue 10, 639-641
Abstract:
To estimate the value of leisure time, this paper suggests the enodogenous switching model which incorporates individual's willingness to take more leisure time. The empirical results show that the value of leisure time in terms of willingly give-up shadow wage is greater than the market wage by 9% in Korea. The Korea economic crisis in 1997 seems to reduce the value of leisure time nearly 14%.
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:12:y:2005:i:10:p:639-641
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DOI: 10.1080/13504850500166295
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