Valuing housework time from willingness to spend time and money for environmental quality improvements |
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| Authors: | Young-Sook Eom Douglas M Larson |
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| Institution: | (1) Department of Economics, Chon Buk National University, Chonju, South Korea;(2) Department of Agricultural and Resource Economics, University of California, Davis, CA 95616, USA |
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| Abstract: | We develop a new approach to assessing the value of home production time based on willingness to spend time and money to obtain
environmental improvements. When peoples’ choice is constrained by time as well as money, measures of willingness to pay can
be defined with respect to either numeraire. In a model that explicitly allows for multiple shadow values of time, we show
that the willingness to pay time and money measures are linked through the value of saving time. With survey information on
peoples’ willingness to spend additional time on housework activities, as well as pay money, to obtain environmental quality
improvements, joint estimation within a utility-consistent structure produces estimates of both willingness to pay and the
value of saving housework time. From the value of saving housework time, the marginal value of housework time can be readily
identified. When applied to Korean households’ valuation of water quality improvements in the Man Kyoung River, we find that
the value of housework time is 70–80% of the market wage.
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| Keywords: | Household production Value of time Housework time Nonmarket valuation Contingent valuation |
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