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:
“Roughly speaking, any man with energy and enthusiasm ought to be able to bring at least a dozen others round to his opinion in the course of a year no matter how absurd that opinion might be. We see every day in politics, in business, in social life, large masses of people brought to embrace the most revolutionary ideas, sometimes within a few days. It is all a question of getting hold of them in the right way and working on their weak points.”
—Aleister Crowley (1875–1947)
“Harvey: About this Voltaire.
Helene: What about him?
Harvey: How’d he ever get time to do all he did?
Helene: He lived to be old.
Harvey: Even so, how many letters did he write?
Helene: Oh, I don’t know exactly. Thousands.
Harvey: I can’t remember when I even wrote one.
Helene: You should try.
Harvey: It’s too late. I wouldn’t know where to send it.”
—Tom Waldman (d. 1985)