TY  - RPRT
        AU  - Krekel, Christian
AU  - MacKerron, George
        TI  - Back to Edgeworth? Estimating the Value of Time Using Hedonic Experiences
        PY  - 2023/Jul/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16308
        UR  - https://www.iza.org/index.php/publications/dp16308
        AB  - 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.
        KW  - value of time
KW  - time savings
KW  - experience-sampling
KW  - experiential valuation
KW  - cost-benefit analysis
KW  - waiting
KW  - commuting
        ER  -