TIME ALLOCATION IN AN EXCHANGE-PRODUCTION PARADIGM |
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| Authors: | Li Way Lee |
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| Affiliation: | *Wayne State University. Jim Hamilton generously helped out with revising the first version of the paper. John Owen discussed the paper with me and pointed out some errors. In preparing the present version, I relied on Jack Hirshleifer's encouragement and many thoughtful comments on an earlier version. Errors in this paper must be new and mine. |
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| Abstract: | ![]()
The three uses of one's time — leisure, nonmarket work, and market work — are affected by the availability of others' time for sale in the market. The paper integrates the supply of time and the demand for others' time by means of geometric models of exchange and production. Possible patterns of market work behavior are enriched by the incorporation of proportional and lump-sum transaction costs. The diversity of the results argues against indiscriminate reliance on institutional restrictions in explaining work decisions. |
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