economic utility-based framework involving time allocation that began with Becker (4). This early work also led to the development of the classical model by Train and McFadden who inserted travel into a goods-leisure trade-off framework (5). Later developments incorporated the concepts presented originally by DeSerpa, who offered an explicit definition for the value of leisure (6). There, a clear distinction between the value of time assigned to an activity and the willingness to pay to save time in that activity was made. In the more general version of the utility-based framework, people are seen as maximizing a utility function that depends on goods consumption and time use, whose allocation is subject to time and income constraints and to the relations between them (7). Second, there is a body of research that models time allocation to various activities using the structural equations modeling methods (8). In the structural equations modeling methods, there is no utility maximization principle underlying the model; rather, the time allocation to various activities is modeled as a system of simultaneous equations (9). Time allocation to various activities is influenced by person and household socioeconomic and demographic variables, built environment variables, and mobility factors. Relationships among endogenous variables (time use variables) are also represented in the system of equations, as are error correlations to capture the presence of possible common unobserved effects.This paper aims to compare the two modeling approaches with respect to the values of time that one would infer from using the two approaches. As mentioned earlier, values of time are of much interest to the profession from the perspective of modeling time allocation to activities, determining willingness to pay, and assessing quality-of-life measures (10-12). For example, when an infrastructure expansion project results in travel time savings, the amount of induced demand generated is likely to depend on the value that people attribute to out-of-home leisure activities. When a new toll road is being contemplated, the amount of toll that people are willing to pay is likely to be dependent on the value that people attribute to travel time savings resulting from the use of the toll road. The value of travel time savings may, in turn, be tied to the value associated with different activities that people could possibly pursue using the travel time savings. The primary objective of this paper is to quantify the value of time allocated to different activities using two different approaches and to explain, from a behavioral perspective, the similarities and differences observed in the estimates.One of the major challenges associated with estimating the value of time associated with various activities is that activity or time use data sets available to behavioral researchers do not include information about the monetary expenditures incurred in undertaking the Estimating the value of time is of considerable interest to transportation professional...