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A Method to infer time preference from the value of time

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Abstract

Using a generalization of Becker's time allocation model in order to estimate the shadow price of time, we explore the relationship between the inter-temporal substitution rate and the opportunity cost of time, allowing the endogenization of the time preference from the estimation of the value of time

Suggested Citation

  • François Gardes, 2021. "A Method to infer time preference from the value of time," Documents de travail du Centre d'Economie de la Sorbonne 21019, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:21019
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    File URL: http://mse.univ-paris1.fr/pub/mse/CES2021/21019.pdf
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    File URL: https://halshs.archives-ouvertes.fr/halshs-03289200
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    More about this item

    Keywords

    Time Allocation; Inter-temporal substitution rate; psychological rate of interest; opportunity cost of time;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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