Introduction to the Whole-time Concept

Krueger, Kurt V.; Ward, John O.; Albrecht, Gary R.

doi:10.5085/0898-5510-14.1.3

Cited by 3 publications

(1 citation statement)

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“…3 Housework activities might include food preparation, cleaning, laundry, yardwork, and minor maintenance to the house or property. The forensic economics literature often makes the strong assumptions that such activities are fixed in duration and have no value (e.g., Krueger, Ward, &Albrecht, 2001, andRodgers, 2001), whereas the model of this paper allows time spent in housework to have a positive value which is identified by peoples' stated choices.…”

Section: The Model Of Housework Choicementioning

confidence: 99%

Valuing housework time from willingness to spend time and money for environmental quality improvements

Eom

Larson

2006

Rev Econ Household

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We develop a new approach to assessing the value of home production time based on willingness to spend time and money to obtain environmental improvements. When peoples’ choice is constrained by time as well as money, measures of willingness to pay can be defined with respect to either numeraire. In a model that explicitly allows for multiple shadow values of time, we show that the willingness to pay time and money measures are linked through the value of saving time. With survey information on peoples’ willingness to spend additional time on housework activities, as well as pay money, to obtain environmental quality improvements, joint estimation within a utility-consistent structure produces estimates of both willingness to pay and the value of saving housework time. From the value of saving housework time, the marginal value of housework time can be readily identified. When applied to Korean households’ valuation of water quality improvements in the Man Kyoung River, we find that the value of housework time is 70–80% of the market wage. Copyright Springer Science+Business Media, LLC 2006Household production, Value of time, Housework time, Nonmarket valuation, Contingent valuation, D1, H4, Q26,

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Section: The Model Of Housework Choicementioning

confidence: 99%

Valuing housework time from willingness to spend time and money for environmental quality improvements

Eom

Larson

2006

Rev Econ Household

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Revealing Preferences for Leisure Time from Stated Preference Data

Larson

Shaikh

Layton

2004

American J Agri Economics

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When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility-consistent model of choice subject to two constraints. Furthermore, when information is collected on both, the respondent's marginal value of time can be identified. A system of willingness to pay time and money and the marginal value of leisure time is estimated jointly in an application to California whalewatching and whale stock enhancement. The empirical approach can be applied with only minor additions to survey techniques for nonmarket valuation. Copyright 2004, Oxford University Press.

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