Non Working Time
This is time spent outside work, which might include journeys to and from work and leisure journeys. Since this time is not valued in a market, it can only be estimated from revealed preference or stated preference analysis techniques, where the real or hypothetical choices of travellers between faster, more expensive modes and slower, cheaper modes can be examined.
For example, if a traveller has a choice between a coach which takes six hours and costs £10, or a train which takes four hours and costs £30, we can deduce that if the traveller chooses the train, their value of time is £10 per hour or more (because they are willing to spend at least £20 to save two hours' travel time).
The difficulty in narrowing down the actual value of time from a pair of choices means that hypothetical situations are generally used (the stated preference technique) to deduce values of time.
The value of non-working time is linked strongly to utility theory.
Read more about this topic: Value Of Time
Famous quotes containing the words working and/or time:
““I tell you the solemn truth that the doctrine of the Trinity is not so difficult to accept for a working proposition as any one of the axioms of physics.””
—Henry Brooks Adams (1838–1918)
“And Manuel embraced his mother and they laughed together: Délira’s laugh sounded surprisingly young; that was because she hadn’t really had the chance to make it heard; life was just not happy enough for that. No, she never had time to use it; she had kept it fresh as can be, like a birdsong in an old nest.”
—Jacques Roumain (1907–1945)