Decoupling the Value of Leisure Time from Labor Market Returns in Travel Cost Models

Patrick Lloyd-Smith; Joshua K. Abbott; Wiktor Adamowicz; Daniel Willard

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Decoupling the Value of Leisure Time from Labor Market Returns in Travel Cost Models

机译：在旅行成本模型中将休闲时间的价值与劳动力市场的回报分离

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Understanding the extent to which people substitute activities across time is important for evaluating behavior and welfare impacts in many contexts, including assessing the damages caused by oil spills and climate change impacts. We implement a flexible, individualized approach to measuring how people value their leisure time. We incorporate these heterogeneous values into a structural demand model that explicitly focuses on intertemporal substitution and incorporates time constraints on behavior. The model is estimated using data on recreation demand for for-hire offshore fishing trips in the US Gulf of Mexico. We find that respondents value their leisure time heterogeneously and substantially differently from their implied wage rate. We also find that accounting for this heterogeneity has significant impacts on estimated welfare measures for policies with large intertemporal substitution effects. These findings raise concerns with the common practice of solely relying on labor market information to value people’s leisure time.

机译：了解人们跨时间替代活动的程度对于评估许多情况下的行为和福利影响非常重要，包括评估漏油和气候变化影响所造成的损害。我们采用灵活的个性化方法来衡量人们如何看重休闲时间。我们将这些异类值纳入结构需求模型中，该模型明确关注时间跨度替换，并将时间约束纳入行为。该模型是使用有关美国墨西哥湾租用近海捕鱼旅行休闲需求的数据估算的。我们发现，受访者对他们的闲暇时间的评估与他们的隐含工资率是异类的，并且有很大不同。我们还发现，考虑到这种异质性，对于具有较大的跨期替代效应的政策，其估计福利措施会产生重大影响。这些发现引起了人们对仅依靠劳动力市场信息来重视人们的闲暇时间的普遍做法的关注。

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《Journal of the Association of Environmental and Resource Economists》 |2019年第2期|215-242|共28页
作者
Patrick Lloyd-Smith; Joshua K. Abbott; Wiktor Adamowicz; Daniel Willard;
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正文语种 eng
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关键词
D90; Q22; Q26; Q51; intertemporal substitution; value of time; demand system;

机译：D90;Q22;Q26;Q51;跨期替代时间价值;需求系统;

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1. Modelling recreation demand with respondent-reported driving cost and stated cost of travel time: a Finnish case. (Special Issue: Non-market valuation.) [J] . Ovaskainen V., Neuvonen M., Pouta E. Journal of Forest Economics . 2012,第4期

机译：用受访者报告的驾驶成本和规定的出行时间成本对娱乐需求进行建模：芬兰的一个案例。（特刊：非市场估值。）
2. Behind the Subjective Value of Travel Time Savings: The Perception of Work, Leisure, and Travel from a Joint Mode Choice Activity Model [J] . Sergio R. Jara-Diaz, Cristian A. Guevara Journal of transport economics and policy . 2003,第Parta1期

机译：节省旅行时间的主观价值背后：联合模式选择活动模型对工作，休闲和旅行的感知
3. As Growth Returns to Markets, Labor Costs Are Escalating [J] . Bruce Buckley Engineering news-record . 2013,第18期

机译：随着增长重返市场，人工成本正在上升
4. A NEW MANUFACTURING MODEL FOR SUCCESSFULLY COMPETING IN HIGH LABOR RATE MARKETS: HOW TO MINIMIZE LABOR AND MATERIAL, THE CONTROLLABLE CONTRIBUTIONS TO A HIGH-TECH ELECTRONIC PRODUCT'S COST, AND ASSESS A MANUFACTURING REGION'S BUSINESS CLIMATE [C] . Tom Borkes Pan Pacific microelectronics symposium . 2013

机译：一个成功竞争高劳动力市场的新制造模型：如何最小化劳动力和材料，对高科技电子产品成本的可控贡献以及评估制造区域的业务环境
5. THE TRAVEL COST METHOD: TIME, SPECIFICATION, AND VALIDITY (RECREATION DEMAND, LOGIT MODEL, MARKET VALUATION). [D] . MCCOLLUM, DANIEL WAYNE. 1986

机译：旅行成本方法：时间，规格和有效性（娱乐需求，LOGIT模型，市场评估）。
6. A joint time-assignment and expenditure-allocation model: value of leisure and value of time assigned to travel for specific population segments [O] . Reinhard Hössinger, Florian Aschauer, Sergio Jara-Díaz, -1

机译：联合的时间分配和支出分配模型：休闲的价值和为特定人群划分的出行时间
7. We analyze, in this paper, a DSGE New Keynesian model with indi- visible labor where firms may belong to two different final goods producing sectors one where wages and employment are determined in competitive labor markets and the orther where wages and employment are the result of a contractual process between unions and firms. Bargaining between firms and monopoly unions implies real wage rigidity in the model and, in turn, an endogenous trade-off between output stabilization and infla- tion stabilization. We show that the negative effect of a productivity shock on inflation and the positive effect of a cost-push shock is crucially determined by the proportion of firms that belong to the competitive sec- tor. The larger is this number, the smaller are these effects. We derive a welfare based objective function as a second order Taylor approxima- tion of the expected utility of the economy's representative agent and we analyze optimal monetary policy. We show that the larger is the num- ber of firms that belong to the competitive sector, the smaller should be the response of the nominal interest rate to exogenous productivity and cost-push shocks. If we consider, however, an instrument rule where the interest rate must react to inflationary expectations, the rule is not af- fected by the structure of the labor market. The results of the model are consistent with a well known empirical regularity in macroeconomics, i.e. that employment volatility is larger than real wage volatility. [O] . Lorenza Rossi, Fabrizio Mattesini 100

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Decoupling the Value of Leisure Time from Labor Market Returns in Travel Cost Models

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