Back to Edgeworth? Estimating the Value of Time Using Hedonic Experiences

Arbeitspapier

Following early economist Francis Y. Edgeworth's proposal to measure people's hedonic experiences as they go about their daily lives, we use a smartphone app that over eight years randomly asked a panel of 30, 936 UK residents (N = 2, 235, 733) about their momentary feelings and activities to estimate the value of time (V OT), a key input into cost-benefit analyses. Exploiting the randomised timing of surveys for identification, we arrive at a V OT of £12.2 ($15.3) per hour of waiting, £8.4 ($10.5) per hour of commuting, and £17.2 ($21.5) per hour of waiting during commuting (e.g. due to congestion). This resembles estimates from studies using revealed preferences, suggesting that using hedonic experiences leads to similar results as observed behaviour. Our unique data and method also allow us to estimate the V OT for 40 other daily activities as well as their interactions. We are the first to value time (or indeed anything) using hedonic experiences in real-time, which has the potential to value other intangibles too.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IZA Discussion Papers ; No. 16308

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Allocative Efficiency; Cost-Benefit Analysis ; General Welfare; Well-Being
• Thema: value of time ; time savings ; experience-sampling ; experiential valuation ; cost-benefit analysis ; waiting ; commuting

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Krekel, Christian ; MacKerron, George
• Ereignis: Veröffentlichung
• (wer): Institute of Labor Economics (IZA)
• (wo): Bonn
• (wann): 2023

Weitere Informationen

• Handle: http://hdl.handle.net/10419/279006
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ