IDEAS home Printed from https://ideas.repec.org/a/taf/apeclt/v12y2005i10p639-641.html
   My bibliography  Save this article

Estimating the value of leisure time in Korea

Author

Listed:
  • Kwangsuck Lee
  • In-Moo Kim

Abstract

To estimate the value of leisure time, this paper suggests the enodogenous switching model which incorporates individual's willingness to take more leisure time. The empirical results show that the value of leisure time in terms of willingly give-up shadow wage is greater than the market wage by 9% in Korea. The Korea economic crisis in 1997 seems to reduce the value of leisure time nearly 14%.

Suggested Citation

  • Kwangsuck Lee & In-Moo Kim, 2005. "Estimating the value of leisure time in Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 12(10), pages 639-641.
    • Handle: RePEc:taf:apeclt:v:12:y:2005:i:10:p:639-641
    DOI: 10.1080/13504850500166295
    as

    Download full text from publisher

    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/13504850500166295?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Frank J. Cesario, 1976. "Value of Time in Recreation Benefit Studies," Land Economics, University of Wisconsin Press, vol. 52(1), pages 32-41.
    2. Douglas M. Larson, 1993. "Separability and the Shadow Value of Leisure Time," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(3), pages 572-577.
    3. Fishe, Raymond P. H. & Lahiri, Kajal, 1981. "On the estimation of inflationary expectations from qualitative responses," Journal of Econometrics, Elsevier, vol. 16(1), pages 89-102, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jara-Díaz, Sergio R. & Munizaga, Marcela A. & Greeven, Paulina & Guerra, Reinaldo & Axhausen, Kay, 2008. "Estimating the value of leisure from a time allocation model," Transportation Research Part B: Methodological, Elsevier, vol. 42(10), pages 946-957, December.
    2. John Gibson & Bonggeun Kim & Steven Stillman & Geua Boe-Gibson, 2013. "Time to vote?," Public Choice, Springer, vol. 156(3), pages 517-536, September.
    3. Jara-Diaz, Sergio, 2020. "Transport and time use: The values of leisure, work and travel," Transport Policy, Elsevier, vol. 86(C), pages 7-13.
    4. Guy Hutton, Laurence Haller and Jamie Bartram, 2006. "Economic and Health Effects of Increasing Coverage of Low Cost Water and Sanitation Interventions," Human Development Occasional Papers (1992-2007) HDOCPA-2006-33, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," RFF Working Paper Series dp-98-07, Resources for the Future.
    2. Christopher Azevedo & John R. Crooker, 2008. "Alternative Approaches to Incorporating the Opportunity Cost of Time in Recreation Demand Models," Working Papers 0803, University of Central Missouri, Department of Economics & Finance, revised May 2008.
    3. Lupi, Frank & Phagan, Tiffany D. & Hoehn, John P. & Graham-Tomasi, Theodore, 1996. "Time Values in Recreational Demand: The Empirical Relevance of Labor Supply Constraints," Staff Paper Series 201211, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    4. Woodall, Stacie & Wandschneider, Philip R. & Foltz, John C. & Taylor, R. Garth, 2002. "Valuing Idaho Wineries With A Travel Cost Model," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36613, Western Agricultural Economics Association.
    5. Feather, Peter & Shaw, W. Douglass, 1999. "Estimating the Cost of Leisure Time for Recreation Demand Models," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 49-65, July.
    6. Chae, Dong-Ryul & Wattage, Premachandra & Pascoe, Sean, 2012. "Recreational benefits from a marine protected area: A travel cost analysis of Lundy," Tourism Management, Elsevier, vol. 33(4), pages 971-977.
    7. Roberto Martinez-Espineira & Joe Amoako-Tuffour, 2008. "Multi-destination and multi-purpose trip effects in the analysis of the demand for trips to a remote recreational site," EERI Research Paper Series EERI_RP_2008_19, Economics and Econometrics Research Institute (EERI), Brussels.
    8. Amoako-Tuffour, Joe & Martınez-Espineira, Roberto, 2008. "Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination," MPRA Paper 8573, University Library of Munich, Germany.
    9. Crase, Lin & Gillespie, Rob, 2006. "A Preliminary Consideration of Use and Non-Use Values Circumscribing the Lake Hume Water and Foreshore Management Plan," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 174471, Australian Agricultural and Resource Economics Society.
    10. Catherine Heyes & Anthony Heyes, 1999. "Willingness to Pay Versus Willingness to Travel: Assessing the Recreational Benefits from Dartmoor National Park," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 124-139, January.
    11. Jara-Díaz, Sergio & Rosales-Salas, Jorge, 2017. "Beyond transport time: A review of time use modeling," Transportation Research Part A: Policy and Practice, Elsevier, vol. 97(C), pages 209-230.
    12. Hof, John G. & Loomis, John B., 1983. "A Recreation Optimization Model Based On The Travel Cost Method," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(1), pages 1-10, July.
    13. Oscar Claveria & Enric Monte & Salvador Torra, 2017. "A new approach for the quantification of qualitative measures of economic expectations," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(6), pages 2685-2706, November.
    14. Li, Liqing & Long, Dede, 2022. "Household Preference for Impure Public Goods - an Application of Community Gardens," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322142, Agricultural and Applied Economics Association.
    15. Crooker, John R., 2007. "Nonparametric Bounds on Welfare with Measurement Error in Prices: Techniques for Non-Market Resource Valuation," Agricultural and Resource Economics Review, Cambridge University Press, vol. 36(2), pages 239-252, October.
    16. Kuriyama, Koichi & Shoji, Yasushi & Tsuge, Takahiro, 2020. "The value of leisure time of weekends and long holidays: The multiple discrete–continuous extreme value (MDCEV) choice model with triple constraints," Journal of choice modelling, Elsevier, vol. 37(C).
    17. K. Deshika De S. Jayasekara & Darshana Rajapaksa & U. A. D. Prasanthi Gunawardena, 2024. "Impacts of Environmental Knowledge, Motives, and Behavior on Ecotourism," Sustainability, MDPI, vol. 16(11), pages 1-20, June.
    18. Breitung, Jörg & Schmeling, Maik, 2013. "Quantifying survey expectations: What’s wrong with the probability approach?," International Journal of Forecasting, Elsevier, vol. 29(1), pages 142-154.
    19. Panou, Konstantinos & Kapros, Seraphim & Polydoropoulou, Amalia, 2015. "How service bundling can increase the competitiveness of low market share transportation services," Research in Transportation Economics, Elsevier, vol. 49(C), pages 22-35.
    20. Carla Canelas & François Gardes & Philip Merrigan & Silvia Salazar, 2019. "Are time and money equally substitutable for all commodity groups in the household’s domestic production?," Review of Economics of the Household, Springer, vol. 17(1), pages 267-285, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:apeclt:v:12:y:2005:i:10:p:639-641. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RAEL20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.