Short run constraints and the increasing marginal value of time in recreation

Raymond B. Palmquist, Daniel J. Phaneuf, V. Kerry Smith

Research output: Contribution to journalArticle

17 Citations (Scopus)

Abstract

Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.

Original languageEnglish (US)
Pages (from-to)19-41
Number of pages23
JournalEnvironmental and Resource Economics
Volume46
Issue number1
DOIs
StatePublished - May 2010

Fingerprint

Personnel
time allocation
Recreation
Short-run
Marginal value
Value of time
recreation
valuation
labor market
Household
Labour market
Time allocation
Revealed preference
Leisure activities
Stated preference

Keywords

  • Choice margins
  • Local recreation outings
  • Opportunity cost of time
  • Time allocation

ASJC Scopus subject areas

  • Management, Monitoring, Policy and Law
  • Aerospace Engineering

Cite this

Short run constraints and the increasing marginal value of time in recreation. / Palmquist, Raymond B.; Phaneuf, Daniel J.; Smith, V. Kerry.

In: Environmental and Resource Economics, Vol. 46, No. 1, 05.2010, p. 19-41.

Research output: Contribution to journalArticle

Palmquist, Raymond B. ; Phaneuf, Daniel J. ; Smith, V. Kerry. / Short run constraints and the increasing marginal value of time in recreation. In: Environmental and Resource Economics. 2010 ; Vol. 46, No. 1. pp. 19-41.
@article{607977cb2b624d678b95049ec8d668a5,
title = "Short run constraints and the increasing marginal value of time in recreation",
abstract = "Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.",
keywords = "Choice margins, Local recreation outings, Opportunity cost of time, Time allocation",
author = "Palmquist, {Raymond B.} and Phaneuf, {Daniel J.} and Smith, {V. Kerry}",
year = "2010",
month = "5",
doi = "10.1007/s10640-009-9331-3",
language = "English (US)",
volume = "46",
pages = "19--41",
journal = "Environmental and Resource Economics",
issn = "0924-6460",
publisher = "Springer Netherlands",
number = "1",

}

TY - JOUR

T1 - Short run constraints and the increasing marginal value of time in recreation

AU - Palmquist, Raymond B.

AU - Phaneuf, Daniel J.

AU - Smith, V. Kerry

PY - 2010/5

Y1 - 2010/5

N2 - Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.

AB - Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.

KW - Choice margins

KW - Local recreation outings

KW - Opportunity cost of time

KW - Time allocation

UR - http://www.scopus.com/inward/record.url?scp=77950689389&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=77950689389&partnerID=8YFLogxK

U2 - 10.1007/s10640-009-9331-3

DO - 10.1007/s10640-009-9331-3

M3 - Article

VL - 46

SP - 19

EP - 41

JO - Environmental and Resource Economics

JF - Environmental and Resource Economics

SN - 0924-6460

IS - 1

ER -