In this paper, a new theoretical construct, the revealed willingness to pay for leisure, is presented as a link between two of the most powerful time use models that are aimed at understanding time allocation and valuing time: the microeconomic utility theory approach and the structural equations modeling method. This link is achieved by formulating a structural equations model (SEM) that keeps the generic features of the approach as applied to time use modeling but improves the incorporation of expenses in addition to activities and socioeconomic variables. The new equation on expenses in a leisure activity permits the calculation of a revealed willingness to pay for leisure, which the authors show to differ theoretically from the value of leisure that emerges from a micro-economic formulation (value of time as a resource). Using the same data from Santiago, Chile, the authors estimate both the SEM and the system of equations for working time, for the time allocated to a leisure activity, and for the expenses associated to a leisure activity, by following a micro-economic formulation. The authors confirm the theoretical derivations and conclude that the SEM does not permit the calculation of the full value of leisure and that the microeconomic approach needs an explicit constraint relating goods consumption and time use for an improved estimation of a most important component of the value of travel time savings.


    Zugriff

    Download

    Verfügbarkeit in meiner Bibliothek prüfen

    Bestellung bei Subito €


    Exportieren, teilen und zitieren



    Titel :

    Revealed Willingness to Pay for Leisure


    Untertitel :

    Link Between Structural and Microeconomic Models of Time Use


    Weitere Titelangaben:

    Transportation Research Record


    Beteiligte:


    Erscheinungsdatum :

    2013-01-01




    Medientyp :

    Aufsatz (Zeitschrift)


    Format :

    Elektronische Ressource


    Sprache :

    Englisch




    LEISURE VEHICLE

    MATSUDA YOSHIMOTO | Europäisches Patentamt | 2021

    Freier Zugriff

    Leisure rankings

    Online Contents | 2010


    Leisure sled

    SON SEUNG HEE / SHIN HWA HYUN | Europäisches Patentamt | 2022

    Freier Zugriff

    Leisure rankings

    Online Contents | 2009