How much is your time worth?

Christian Krekel and George MacKerron

CentrePiece - The magazine for economic performance from Centre for Economic Performance, LSE

Abstract: Wages indicate how much people want for their time at work, but how can we find out what value they place on time spent doing other things? Christian Krekel and George MacKerron analyse over two million responses to a smartphone app that randomly asks people what they're doing at a particular moment and how they're feeling about it. These responses enable the monetary value of time for activities ranging from washing up to watching a concert to be estimated.

Keywords: value of time; time savings; experience-sampling; experiential valuation; cost-benefit analysis; waiting; commuting; wellbeing (search for similar items in EconPapers)
Date: 2024-02-20
New Economics Papers: this item is included in nep-tre
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepcnp:675

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