De Rock, Bram; Cherchye, Laurens; Vermeulen, Frederic - European Centre for Advanced Research in Economics and … - 2015
The implementation of Gary Beckers (1965) time allocation model is ham-pered by the fact that values of the di¤erent time uses are usually not observed.In practice, one often assumes that the value of time is uniform across time usesby using market wages. This approach implies a fundamental...