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Estimation and Valuation of Non-leisure Time

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  • Kiker, B F
  • Mendes de Oliveira, M

Abstract

The authors develop a model of the work-leisure choice that incorporates household production, and then devise an econometric model that addresses simultaneously the issue of sample censoring and the joint determination of nonmarket returns and nonmarket time. The maximum likelihood estimates of the parameters of the model are used to estimate time allocations and time values, with an emphasis on time allocated to household production and actual and predicted marginal, average, and total value of nonmarket time. The method yields estimates of the values of nonmarket time as perceived by economic agents that should prove to be more reliable than previous estimates, particularly in the realm of applied microeconomics. Copyright 1990 by Blackwell Publishing Ltd

Suggested Citation

  • Kiker, B F & Mendes de Oliveira, M, 1990. "Estimation and Valuation of Non-leisure Time," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 115-141, May.
    • Handle: RePEc:bla:obuest:v:52:y:1990:i:2:p:115-41
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    Cited by:

    1. Palmon, Oded & Bar-Yosef, Sasson & Chen, Ren-Raw & Venezia, Itzhak, 2008. "Optimal strike prices of stock options for effort-averse executives," Journal of Banking & Finance, Elsevier, vol. 32(2), pages 229-239, February.
    2. Sharp, David C. & Heath, Julia A. & Smith, William T. & Knowlton, David S., 2004. "But can she cook? Women's education and housework productivity," Economics of Education Review, Elsevier, vol. 23(6), pages 605-614, December.
    3. Christian Raschke, 2012. "Food stamps and the time cost of food preparation," Review of Economics of the Household, Springer, vol. 10(2), pages 259-275, June.

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