TY  - JOUR
AU  - Palmquist,Raymond B.
AU  - Phaneuf,Daniel J.
AU  - Smith,V. Kerry
TI  - Measuring the Values for Time
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13594
PY  - 2007
Y2  - November 2007
UR  - http://www.nber.org/papers/w13594
L1  - http://www.nber.org/papers/w13594.pdf
N1  - Author contact info:
Raymond Palmquist
Department of Economics
North Carolina State University
Raleigh, NC 27695-8110
Tel: 919-513-2884
Fax: 919-515-7873
E-Mail: palmquist@ncsu.edu

Daniel Phaneuf
Department of Agricultural 
  and Resource Economics
North Carolina State University
Raleigh, N.C. 27695
E-Mail: dan_phaneuf@ncsu.edu

V. Kerry Smith
Department of Economics
W.P. Carey School of Business
P.O. Box 873806
Arizona State University
Tempe, AZ 85287-3806
Tel: 480/727-9812
Fax: 480/965-0748
E-Mail: kerry.smith@asu.edu
AB  - Most economic models for time allocation ignore constraints on what people can actually do with their time.  Economists recently have emphasized the importance of considering prior consumption commitments that constrain behavior.  This research develops a new model for time valuation that uses time commitments to distinguish consumers' choice margins and the different values of time these imply.  The model is estimated using a new survey that elicits revealed and stated preference data on household time allocation.  The empirical results support the framework and find an increasing marginal opportunity cost of time as longer time blocks are used.
ER  -