01475675

Component

https://doi.org/10.3141/2382-09

http://scholar.google.com...roza&publication_year=2013

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 microeconomic 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 microeconomic 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.

01506861

13-3111

English

pp 75–82

2013

Transportation Research Record: Journal of the Transportation Research Board

9780309286985

Print

Figures (4) ; References (22) ; Tables (4)

Leisure time; Microeconomics; Structural equation modeling; Time management; Utility theory; Value of time

Willingness to pay

Santiago (Chile)

Passenger Transportation; Planning and Forecasting; Transportation (General); I72: Traffic and Transport Planning

TRIS, TRB, ATRI

Feb 5 2013 12:38PM

• Accommodating Immigration Status and Self-Selection Effects in a Joint Model of Household Auto Ownership and Residential Location Choice
• Accuracy of Geoimputation: An Approach to Capture Microenvironment
• Allocation of Intrahousehold Motorized Vehicles: Exploration with the 2009 National Household Travel Survey
• Are Transit Trips Symmetrical in Time and Space? Evidence from the Twin Cities
• Assessment of the Degree of Willingness to Change from Motorized Travel Modes to Walking or Cycling
• Cycling Habits and Other Psychological Variables Affecting Commuting by Bicycle in Madrid, Spain
• Exploring the Dynamics in Travel Time Frontiers
• Fuel Use and Optimality of Assignments in Multivehicle Households in 2001 and 2009
• Hybrid Choice Model to Investigate Effects of Teenagers’ Attitudes Toward Walking and Cycling on Mode Choice Behavior
• Incorporating Time Dynamics in Activity Travel Behavior Model: A Path Analysis of Changes in Activity and Travel Time Allocation in Response to Life-Cycle Events
• Individual Mobility Attributes and Their Impact on Modality Style: Comparison Across Three Population Sectors in Jerusalem, Israel
• Integrated Model of Residential Location, Work Location, Vehicle Ownership, and Commute Tour Characteristics
• Investigating Changes in Willingness to Pay for Managed-Lane Systems: Quasi-Panel Approach
• Linking Elderly Transport Mobility and Subjective Well-Being: A Multivariate Latent Modeling Approach
• Modeling the Connection Between Activity-Travel Patterns and Subjective Well-Being
• Simultaneous Analysis of Global Decisions in Activity Travel Scheduling Process
• Uncertainty in Predicted Sequences of Activity Travel Episodes: Measurement and Analysis
• Within-Individual Variation in Preferences: Equity Effects of Congestion Charges