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:
“The finest workers in stone are not copper or steel tools, but the gentle touches of air and water working at their leisure with a liberal allowance of time.”
—Henry David Thoreau (1817–1862)
“These roses under my window make no reference to former roses or to better ones; they are for what they are; they exist with God to-day. There is no time to them. There is simply the rose; it is perfect in every moment of its existence.”
—Ralph Waldo Emerson (1803–1882)