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Estimating the value of leisure from a time allocation model

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2008-12
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Jara Díaz, Sergio
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Estimating the value of leisure from a time allocation model
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Author
  • Jara Díaz, Sergio;
  • Munizaga Muñoz, Marcela;
  • Greeven, Paulina;
  • Guerra, Reinaldo;
  • Axhausen, Kay;
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.
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Fondecyt, Chile 1080140 Millenium Institute German Ministry of Research and Education Swiss Fonds for Strassen, Brucken und Tunnel - research
Identifier
URI: https://repositorio.uchile.cl/handle/2250/125247
DOI: 10.1016/j.trb.2008.03.001
ISSN: 0191-2615
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TRANSPORTATION RESEARCH PART B-METHODOLOGICAL Volume: 42 Issue: 10 Pages: 946-957 Published: DEC 2008
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