Short Run Constraints and the Increasing Marginal Value of Time in Recreation
研究指出休闲活动常被其他时间承诺分割，传统用劳动力市场估算时间价值的方法忽略了这一点。本文提出新模型，利用非工作时间承诺推断休闲时间的影子价值，并通过调查数据验证了休闲时间边际价值随行程长度递增的结论。
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.