Valuation Of Time Research Articles

What Affects the Value of Our Time? The Case of Buying a Present vs. Buying for Ourselves and the Impact of Decision-Making Styles.

We study how the buying purpose affects the trade-off between time and money. We consider the case of buying something for ourselves versus buying a gift and the decision whether to spend time traveling to a cheaper store to save money. We hypothesized that when purchasing a gift, people make less effort to save money, and therefore will be less willing to spend time traveling to a cheaper store when they buy a gift. In experiments with several scenarios, we fail to find support for this hypothesis. We also explore the impact of telling subjects that the purchase is made abroad. This is hypothesized to increase the valuation of the buyer's time. We also hypothesize that the interaction of being abroad and buying a gift will be negative. The data support both hypotheses. Subjects answered 15 questions about their decision-making style (rational, intuitive, and spontaneous). Subjects with more rational decision-making exhibit lower time value, which is likely to be closer to the real one. Subjects with more rational decision-making also show more strongly that time abroad is more valuable. These results suggest that questions about decision-making style are correlated with decision-making in scenarios of realistic purchase decisions.

Young Children, Growing Children – How Does Their Presence in the Family Affect Time Allocation Decisions for Men and Women?

Abstract Objective This paper attempts to examine the influence of selected characteristics of household members on how they manage their time as an economic resource. Methodology In order to account for the interpenetration of different spheres of people’s activity and preferences regarding their choice, a multiple-equation model, in the form of structural equations, was used. Findings Among the potential determinants of individuals’ time allocation, the following were identified: gender, age, labor force participation, wage rates, the presence of children, education level, and the structure of the household itself, including the presence of a partner. The conclusions, formulated on the basis of the findings, focus on gender inequalities in terms of the time devoted to work and the role of children in shaping the daily activity of adults. Value Added While the presence of a young child primarily results in a decrease in paid-work time and an increase in household work for women, older children tend to help with housework, which mainly results in a reduction in housework for men. It was also observed that taking care of a child by a single person, irrespective of gender, is associated with a significantly greater increase in total domestic work time compared to the situation in households formed by two adults. Recommendations The traditional version of the neoclassical theory describes the demand for market goods and services separately. The new household theory breaks with this dichotomy and shows that consumption decisions cannot be interpreted without also considering the supply of labor, or the time allocation of individuals in general. Work on time allocation is important not only in the context of understanding the determinants of non-market activity and leisure time, but also in research on the valuation of working time. Time use databases combined with monetary budget data are used in analyses of the economics of human resource use and in new methods for estimating consumption among household members. Research on Polish households in this area is the next stage of research work that will be undertaken in the near future.

Revisiting the Second Shift – Rethinking Value in the Outsourcing of Social Reproduction

ABSTRACT This article examines the link between outsourcing social reproduction and the valuation of time by approaching the employers of domestic workers as workers who themselves labour to produce surplus value. It contributes to current research on outsourcing social reproduction, which emphasizes the (re)privatization of public services, by situating outsourcing within the sphere of production. The analysis is based on in-depth qualitative research on employers of migrant care and domestic workers in Finland (N = 31). Developing an integrated link between migrant workers’ labour-power and employers’ labour-power, we demonstrate that the employers work a second shift of paid employment in the evening, enabled by the outsourcing of reproductive labour. We argue that outsourcing social reproduction often takes the form of purchasing inexpensive time, enabled by hiring migrant domestic workers, which those who outsource convert into productive labour-time, thereby subsidizing their own labour to increment economic value for capital. We analyse the ways in which outsourcing reproduction is organized to enhance the amount of productive social labour-time in a context where capital places increasing demands on labour.

Valuation of travel time

This study examines the valuation and use of the transit time leg of a tourism journey. The transit leg of a trip may be perceived as the core component of the trip, an intrinsic part that is valued more or less the same as being at the destination or a chore that must be completed in order to get to the destination. The valuation of transit time is subtle and nuanced and reflects whether the person undertaking the trip has a goal or process orientation. This study develops a conceptual model showing the continuum between process and goal oriented tourists.

Associating Health-Related Quality-of-Life Score with Time Uses to Inform Productivity Measures in Cost-Effectiveness Analysis.

The Second Panel on Cost Effectiveness in Health and Medicine recommended that cost-effectiveness analyses (CEA) explicitly incorporate the valuation of productive time from a societal perspective. We developed a new approach to capture productivity impacts in CEA without direct evidence on these impacts by associating varying levels of health-related quality-of-life (HrQoL) score with different time uses in the United States. We conceptualized a framework that estimates the association between HrQoL score with productivity through time uses. We used the American Time-Use Survey (ATUS) from year 2012-2013, when data on a Well-Being Module (WBM) was additionally collected alongside ATUS. The WBM measured the quality of life (QoL) score using a visual analog scale. To operationalize our conceptual framework, we employed an econometric approach that addressed three technical issues in the observed data: (i) distinction between overall QoL and HrQoL, (ii) correlation across different categories of time use and the share structure of time-use data, and (iii) reverse causality between time uses and HrQoL score in a cross-sectional setting. Furthermore, we developed a metamodel-based algorithm to summarize the numerous estimates from the primary econometric model efficiently. Finally, we illustrated the use of our algorithm to calculate productivity and time spent seeking care costs in an empirical CEA of aprostate cancer treatment. We provide the estimates of the metamodel algorithm. Incorporating these estimates into the empirical CEA reduced the incremental cost-effectiveness ratio by 27%. Our estimates can facilitate the inclusion of productivity and time spent seeking care in CEA as recommended by the Second Panel.

Estimating the Value of Airport Access Time in Developing Countries with a Case Study of Nanjing, China

The valuation of time is one of the most important public policy issues in project cost-benefit analysis. This paper estimates the value of airport access time and time variability in developing countries with a case study of Nanjing, China. An international meta-analysis is being used to identify the factors that may affect heterogeneity in the value of travel time. Regression models are then established for the prediction of the value of travel time. The results provide some new insights into the impacts of survey region, traffic mode, and trip purpose on the value of travel time. Considering the significant influencing factors that were obtained, stated preference surveys are designed and used to collect data on preferred arrival time and decision choice under various hypothetical situations. A multivariate regression model is used with the data to explore the significant factors that influence the travelers’ preferred arrival time. Mixed logit models are developed to estimate the value of airport access time, value of schedule delay early, and value of schedule delay late by incorporating the effects of travel delay variability on users’ scheduling costs. The tax system is being used to illustrate the contribution of different income groups to social funds, which also calculates the social value of airport access time, social value of schedule delay early, and social value of schedule delay late. The results identify the significant factors that may affect the valuation of airport access time and provide reasonable estimates for these values. The findings also bring new enlightenment on the effects of the variation of airport access time.

Going solo and feeling smart? An exploratory study on shoppers' time valuation and cultural perception

PurposeThe advent of digitalization and the trend of social distancing coincide with the individualized lifestyle that is emerging among contemporary shoppers. This study explores the unique market of “smart solo shoppers”. Two empirical studies are conducted, which aim to identify the major dimensions of multi-channel shopping activities that are engaged by the shoppers (Study 1, n = 64) and to differentiate the shoppers' valuation of time invested in the distinct dimensions under different cultural influences (Study 2, n = 519).Design/methodology/approachA survey questionnaire is used for data collection, and data are analyzed using structural equation modeling.FindingsResults reveal that the shopping activities converge into four principal dimensions: offline shopping, online shopping, post-shopping delivery and product return activities. Shoppers who perceive offline shopping activities as a time burden and online shopping and delivery activities as venues of value creation are more strongly self-identified as smart solo shoppers. Furthermore, smart solo shoppers who are under a strong influence of individualistic culture are found to spend time on multi-channel shopping to make the right purchase the first time, whereas shoppers perceiving being in a weak individualistic culture prefer to engage online channels while being prepared to return the unwanted purchases.Originality/valueThis study highlights an emerging research field in the nexus of solo consumption and smart shopping. Emphasizing the utility-driven and ego-expressive nature of smart solo shoppers, the authors provide an initial profile of these shoppers based on their time-valuation patterns and the contextual impacts of individualistic culture.

Economic Consequences of Administering Obinutuzumab as a Short Duration Infusion in Italian Patients with Advanced Follicular Lymphoma: A Cost Analysis

OBJECTIVE: To assess time- and cost-savings in relation to active time of health care professional (HCP) and resource consumption of administering obinutuzumab as a short duration infusion (SDI) in patients in treatment for Follicular Lymphoma (FL).METHODS: A cost-minimization model was developed to compare resource consumption and cost of the obinutuzumab SDI relative to obinutuzumab regular infusion rate (RIR) for the previously untreated and rituximab-refractory FL. Monetary valuation of resource and time allocated to treatment as a whole was carried out from the Italian Hospital and the societal perspective. Direct costs included HCP costs for drug preparation and administration activities, non-drug consumable costs, drug acquisition costs, and formal care costs. Indirect costs included the lost productivity of patients and informal caregivers. All costs (updated to 2021-value) were estimated by multiplying resource use by the unit cost of each resource. Evidence on resource use and unit costs were retrieved from scientific literature and standard Italian tariffs. A deterministic sensitivity analysis was used to test the results.RESULTS: The administration time of obinutuzumab SDI is shorter than with obinutuzumab RIR, with a difference of 102 minutes per patient and for every cycle of administration beyond the first one. On average, the cost of HCP time invested in the preparation and administration of obinutuzumab RIR is € 92 during cycle 2 and from cycle 2 onwards, compared to € 54 per cycle of obinutuzumab SDI. Overall, the cost from the societal perspective is estimated to be € 38,698 for obinutuzumab RIR and € 37,692 for obinutuzumab SDI, resulting in a cost-saving per patient of € 1,007 (2.6%).CONCLUSIONS: The application of obinutuzumab SDI schedule allows substantial reduction of hospital stay, improving quality of life of patient and caregiver and reducing costs and health care system burden. The time-savings with obinutuzumab SDI may improve clinical unit capacity by optimizing chair utilization and/or allowing rearrangements of the nurse residual time into valuable supplementary activities, spanning from more patient-centered clinical support to research and learning activity

Orthodox Time at a Lower East Side Yeshiva

My article draws on long-term fieldwork and participation at an all-male yeshiva on the Lower East Side. Its literary form is autoethnographic memoir, comprising a set of anecdotes and reflections all closely tied to my own involvement. This affords me grounds for reflecting on what the term "Orthodox" means to me and to those with whom I have been studying for several years now. In my understanding, the regulars at this yeshiva view the institution as neither "Modern Orthodox" nor "Haredi" but as representing a common-sense but threatened middle ground. My article reinforces the notion of that middle ground with respect to temporality inside the yeshiva, as I support the claim that while the yeshiva is very much in the world and in no way "out of time," the valuation of time and its rhythms remains distinctive, perhaps increasingly so in a world where commodification otherwise seems to proceed apace.

A Dynamic Choice Model to Estimate the User Cost of Crowding with Large-Scale Transit Data

Abstract Efficient mass transit provision should be responsive to the behaviour of passengers. Operators often conduct surveys to elicit passenger perspectives, but these can be expensive to administer and can suffer from hypothetical biases. With the advent of smart card and automated vehicle location data, operators have reliable sources of revealed preference (RP) data that can be utilized to estimate transit riders’ valuation of service attributes. To date, effective use of RP data has been limited due to modelling complexities. We propose a dynamic choice model (DCM) for population-level longitudinal RP data to address prominent challenges. In the DCM, riders are assumed to follow different decision rules (compensatory and inertia/habit) and temporal switching between decision rules based on experience-based learning is also formulated. We develop an expectation–maximization algorithm to estimate the DCM and apply our model to estimate passenger valuation of crowding. Using large-scale data of 2 months with over four million daily trips by an Asian metro, our DCM estimates show an increase of 47% in passenger’s valuation of travel time under extremely crowded conditions. Furthermore, the average passenger follows the compensatory rule on only 25.5% or fewer trips. These results are valuable for supply-side decisions of transit operators.

Cultures that collide: an ethnographic study of the introduction of a palliative care consultation team on acute wards

BackgroundAcute care and palliative care (PC) are described as different incompatible organisational care cultures. Few studies have observed the actual meeting between these two cultures. In this paper we report part of ethnographic results from an intervention study where a palliative care consultation team (PCCT) used an integrative bedside education approach, trying to embed PC principles and interventions into daily practice in acute wards.PurposeTo study the meeting and interaction of two different care cultures, palliative care and curative acute wards, when a PCCT introduces consulting services to acute wards regarding end-of-life palliative care, focusing on the differences between the cultures.MethodsAn ethnographic study design was used, including observations, interviews and diary entries. A PCCT visited acute care wards during 1 year. The analysis was inspired by Spradleys ethnography.ResultsThree themes were found: 1) Anticipations meets reality; 2) Valuation of time and prioritising; and 3) The content and creation of palliative care.ConclusionThere are many differences in values, and the way PC are provided in the acute care wards compared to what a PCCT expects. The didactic challenges are many and the PC require effort.

On the value(s) of time: Workers’ value of their time depends on mode of valuation

In this paper, we investigate how individuals make time-money tradeoffs in labor contexts in which they are either asked to work to earn money or to pay money to avoid work. Theory predicts that exchange rates between time and money are invariant to the elicitation method. Results from our experiments, however, show otherwise, highlighting inconsistencies in how individuals consider their time. In the first two experiments, participants work to earn money, and we compare two incentivized elicitation methods. In the first, "Fixed-Time mode," we fix the amount of time participants need to work and elicit the minimum dollar amount they require to do the job. In the second, "Fixed-Money mode," we fix the amount of money we pay participants and ask for the maximum amount of time they are willing to work for that pay. We similarly vary elicitation procedures in Experiment 3 for paying money to avoid work. Translating the results into pay per hour, we find that in Fixed-Time mode, valuation of time is stable across durations, based on an analytical approach. By contrast, in Fixed-Money mode, participants increase their pay-per-hour demand when the amount of money increases, indicating a less calculated and more emotional view of time. Our results demonstrate that individuals' value of their time of labor can be fluid and dependent on the compensation structure. Our findings have implications for theories of time valuation in the labor market.

"The greedy I that gives"-The paradox of egocentrism and altruism: Terror management and system justification perspectives on the interrelationship between mortality salience and charitable donations amid the COVID-19 pandemic.

Why do people give and help others in face of their own mortality salience? The existential struggle with the awareness of death impacts the gamut of human cognition, emotion, and behavior. This multi‐method research (∑N = 1,219) explains the psychosocial impact of COVID‐19‐related mortality salience on altruism. Drawing from terror management theory, two studies tested death‐thought accessibility, mortality salience, and anxiety buffer hypotheses. Study 1 (cross‐sectional survey), using structural equation modeling, confirms death anxiety and fear are predictors of powerlessness and materialism which, in turn, predict charitable donations. Study 2 (between‐subjects experiment) confirms the causal effects of COVID‐19‐induced mortality salience on altruism. Controlling income and socioeconomic status, people in the mortality salience treatment condition indicate greater monetary donations ($), ratio of prosocial (altruistic) to proself (egocentric) spending (%), donation of time (hour), monetary valuation of time (hourly rate = $/hour), and economic value of donated time (hourly rate*hour) than the controls. These effects are mediated by powerlessness. Moderating effects of relevant individual difference factors are significant: the greedier, more selfish, narcissistic, materialistic, and system‐justifying the donor is, the higher monetary donations, volunteer time, and perceived value of donated time are, only when the COVID‐19‐induced mortality is made salient but not in the controls. Environmental and dispositional factors jointly influence vulnerability to mortality salience. The paradox of egocentrism and altruism, as an evolutionarily adaptive protective buffer against existential insecurity for social and cultural animals, can help revitalize resilience, thus shedding some lights on the sociopsychological mechanism of consumers' subjective well‐being. Implications for consumer affairs, social marketers, and policymakers are discussed.

Participation in online activities while travelling: an application of the MDCEV model in the context of rail travel

Travel-based multitasking, i.e. using travel time to conduct enjoyable and/or productive activities, is the subject of an increasing number of theoretical and empirical studies. Most existing studies focus on modelling the choice of which activities people conduct while travelling, and a limited number of papers also focuses on their duration. The novelty of this study with respect to this literature is two-fold. Firstly, we specifically study the engagement in different online activities while travelling, and apply the state-of-the-art Multiple Discrete-Continuous Extreme Value (MDCEV) model to jointly model the choice and duration of multiple activities. We apply this model to data collected face-to-face from train passengers in the UK. We find that activity choice and duration is explained by both passenger and trip characteristics, especially trip purpose, ticket type and day/time of the trip. Secondly, we show how such modelling can assist in investment appraisal, in particular by providing insights into lower- and upper- bound estimates of the proportion of the entire travel time spent working, itself of importance in, for example, valuation of business travel time using the so-called Hensher Equation. We present a detailed discussion of how the findings from our work contribute to the broader discourse around the nature of travel time and its valuation.

PNS24 Standardized Unit Cost Calculation for Informal Care Time and CROSS-Country Comparison: PECUNIA Project

Financial burden of diseases are often not limited to the healthcare sector but often cause a spill-over-effect to the patient’s family. Opportunity costs incurred to the family can be attributed to the caregiving burden. The EU-funded H2020 ProgrammE in Costing, resource use measurement and outcome valuation for Use in multi-sectoral National and International health economic evaluAtions (PECUNIA; grant agreement No 779292) aims to harmonize the cross-sectoral and cross-country unit cost development and calculate standardized unit costs for selected services in several countries. The objective of this study was to establish harmonized unit cost for informal care time and to compare unit costs on country-level. PECUNIA MsExcel costing template for the valuation of informal care time was developed by the PECUNIA consortium. Following a scoping review, the proxy good method was selected for valuing voluntary time. The template was designed to collect basic information on the unit cost (reference year, country and currency) and collect hourly rates of different market providers for personal care. Five countries (Austria, Germany, Hungary, the Netherland and Spain) applied this template to calculate national unit costs for informal care time. All unit costs were reported in Euro for 2019. Unit cost for informal care time in Austria, Germany, Hungary, Spain and the Netherland were estimated at 14.07, 27.33, 6.94, 7.43 and 17.79 Euro/hour, respectively. A positive, but insignificant correlation was observed between unit costs and countries’ per capita GDP (R= 0.69, p=0.194). This the first multi-country study on the development of unit costs for informal care time based on an internationally harmonized unit cost tool. Next, unit cost estimates will be validated externally. Furthermore, the unit costs may be used together with the PECUNIA resource-use measurement (RUM) instrument advancing RUM and cost valuation in future economic evaluations based on two aligned tools.

Public transport accessibility accounting for level of service and competition for urban opportunities: An equity analysis for education in Santiago de Chile

Several cities around the world have changed their transportation planning paradigm, understanding that the prime goal is to provide access to opportunities for everyone. To address this goal, public transport plays a fundamental role and, therefore, it is key for developing a sustainable and equitable city.This paper proposes a methodology to analyze access to opportunities through public transport incorporating the user's valuation of attributes that impact the level of service on his/her trip and the competitiveness for urban opportunities. Using data from Santiago, Chile, we applied the proposed methodology to analyze accessibility to higher-quality public primary schools. We compare total travel time (TTT) with a proposed measure of total generalized travel time (TGTT) using simple potential and competitive accessibility indicators, accounting for the subjective valuation of walking time, travel time, waiting time, comfort and transfers, and translating them into in-vehicle time units.We find that the inclusion of competition has a more substantial impact than including the subjective valuation of the level of service in the accessibility to educational opportunities. Using competitive measures with TGTT, we found that around 20% of the zones in Santiago have at least a 50% deficit of higher-quality public education, and 71% of them are in peripheral areas. Furthermore, these zones, where medium and low-income population usually lives, can experience, on average, 1–2 transfers, 4–5 passengers per square meter, and 15-min waiting. We conclude that the proposed methodology provides a more comprehensive way to understand accessibility by incorporating the traveling experience, allowing to determine how and where to intervene to effectively improve accessibility, with a focus on urban equity.

QALY-time: experts\u2019 view on the use of the quality-adjusted life year in cost-effectiveness analysis in palliative care

BackgroundThe Quality-Adjusted Life Year (QALY) is internationally recognized as standard metric of health outcomes in cost-effectiveness analyses (CEAs) in healthcare. The ongoing debate concerning the appropriateness of its use for decision-making in palliative care has been recently mapped in a review. The aim was to report on and draw conclusions from two expert meetings that reflected on earlier mapped issues in order to reach consensus, and to advise on the QALY’s future use in palliative care.MethodsA nominal group approach was used. In order to facilitate group decision making, three statements regarding the use of the QALY in palliative care were discussed in a structured way. Two groups of international policymakers, healthcare professionals and researchers participated. Data were analysed qualitatively using inductive coding.Results1) Most experts agreed that the recommended measurement tool for the QALYs ‘Q’ component, the EuroQol-5D (EQ-5D), is inappropriate for palliative care. A more sensitive tool, which might be based on the capabilities approach, could be used or developed. 2) Valuation of time should be incorporated in the ‘Q’ part, leaving the linear clock time in the ‘LY’ component. 3) Most experts agreed that the QALY, in its current shape, is not suitable for palliative care.Conclusions1) Although the EQ-5D does not suffice, a generic tool is needed for the QALY. As long as no suitable alternative is available, other tools can be used besides or serve as basis for the EQ-5D because of issues in conceptual overlap. 2) Future research should further investigate the valuation of time issue, and how best to integrate it in the ‘Q’ component. 3) A generic outcome measure of effectiveness is essential to justly allocate healthcare resources. However, experts emphasized, the QALY is and should be one of multiple criteria for choices in the healthcare insurance package.

How do passengers allocate and evaluate their travel time? Evidence from a survey on the Shanghai–Nanjing high speed rail corridor, China

Although previous studies have demonstrated that travel time is not wasted, only a limited number of studies have conducted an in-depth investigation of how passengers allocate their travel time and what factors will impact their subjective valuation of travel time (SVTT). Investigating such questions will uncover some of the possible economic, social, technological and behavioral reasons that influence SVTT. Using a survey of 822 passengers traveling along the Shanghai-Nanjing high speed rail (HSR) corridor in 2016, this study examines passengers' allocation of their travel time, and explores the determinants of SVTT for business and non-business travelers, respectively. Empirical results indicate that around half of the respondents spend the longest amount of travel time on ICT discretionary activities, but there are some differences across trip purpose. Ordered logit models suggest that SVTT is determined by a range of factors, which are classified into travel time allocation, HSR environment, travel attributes, and socio-demographic characteristics. However, the specific factors associated with SVTT are somewhat different between business and non-business trips. The findings of this study provide a better understanding of the perceived value of travel time in a supportive travel environment and in a typical e-society of a developing country, and offer implications for more comprehensively exploring determinants of SVTT in the future.

Will autonomous vehicles change auto commuters’ value of travel time?

This paper examines the potential impact of autonomous vehicles on commuters’ value of travel time (VOTT). In particular, we focus on the effect on auto commuters in small and medium-sized metropolitan areas, concerning the spatial variability across urban areas, suburbs, and rural areas. We design a stated choice experiment to elicit potential changes in 1,881 auto commuters’ valuation of travel time in autonomous vehicles and apply a mixed logit model to quantify the changes in the value of travel time if taking autonomous vehicles. The results of this study suggest that the effect of autonomous vehicles on the VOTT is spatially differentiated. We find that riding in a private autonomous vehicle reduces the commuting VOTT of suburban, urban, and rural drivers by 32%, 24%, and 18%, respectively, compared to 14%, 13%, and 8% for riding in a shared autonomous vehicle. Finally, we discuss the implications of these lower values of time on transportation and land use planning.

Comparing values of travel time obtained from workplace and short-term decisions

The value of travel time is an important element in cost-benefit analysis of transportation projects, by encapsulating the willingness to pay of the population for improvements in the transport system. Those values are typically obtained from mobility behavior data from revealed or stated preference surveys. Although short-term decisions are typically used for this purpose, a growing number of authors is arguing that long-term decisions might provide more meaningful values for the evaluation of transportation projects, as those decisions have a longer-lasting effect on the experienced travel times. This paper uses data which contains both short- and long-term experiments to investigate the impact of different time horizons on the valuation of time. Using a joint model including all short term, together with workplace choice situations, the differences in the valuation of time coming from different kinds of experiments are investigated. The results reveal difficulties to isolate the willingness to pay from other aspects of monetary compensation, such as income as a status or career progression symbol. The results confirm that the chosen time horizon has a significant effect on the valuation of travel time and cost. The richer data, compared to previous attempts at such an estimation, does reveal, however, potential pitfalls in the underlying theory, namely that there is a perfect substitution between travel costs and income. In particular, focusing on salary neutral situations instead of situations with salary gains changes the direction of the effect of long term decisions. Recommendations are derived for forthcoming studies.