| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23349 |
| 来源ID | Working Paper 23349 |
| A Strategy for Evaluating the Opportunity Cost of Time Estimates from New Choice Margins | |
| K.E. McConnell; Juha V. Siikamäki; V. Kerry Smith | |
| 发表日期 | 2017-05-01 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Information frictions imply it is reasonable to expect the same commodity, in a given location, to sell for different prices at the same time. Aguiar and Hurst (AH) [2007] demonstrate how the search behavior implied by these price differences can be used estimate the opportunity cost of time. Their important insight allows the estimation of time prices over the lifecycle and the evaluation of the impacts of macro shocks on them. We provide the first assessment of the plausibility of this type of search behavior as a window on time prices. AH’s measures of the opportunity cost of time are shadow values that are jointly determined with individuals’ decision to search for bargains. Our analysis overcomes the challenges posed by this endogeneity by exploiting the complementarity between time and some types of market goods and services. We use changes in the expenditures for these goods in response to macro shocks as a basis for evaluating the AH choice margin. Using three different data sources we find that changes in expenditures on recreation related goods and services and time spent recreating are consistent with the AH framework’s assessment of the impact of the Great Recession for the opportunity cost of time. |
| 主题 | Microeconomics ; Households and Firms ; Welfare and Collective Choice ; Economics of Information ; Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w23349 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581023 |
| 推荐引用方式 GB/T 7714 | K.E. McConnell,Juha V. Siikamäki,V. Kerry Smith. A Strategy for Evaluating the Opportunity Cost of Time Estimates from New Choice Margins. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23349.pdf（1023KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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