On the value of time and human life - Equipe EGEI
Other Publications Documents de travail du Centre d'Économie de la Sorbonne Year : 2021

On the value of time and human life

Abstract

The opportunity cost of time is estimated using a model based on domestic production (depending on monetary and time expenditures) and direct utility (depending on produced commodities). These factors of domestic production are measured by the matching of a Family Budget survey with a Time Use survey. The new model is estimated on Canadian, French, Polish, US and Burkina-Faso statistics. It allows the economic value of human life to be estimated, based on the integration of the marginal value of each instant during an individual's life cycle. This value is shown to give a different pattern across countries compared to their per capita GDP. Finally, the opportunity cost of time is shown to vary between commodities according to the possibility of substituting money and time in domestic production. It also increases between countries relatively to the average wage rate, according to the degree of liberalization of the labor markets.
Fichier principal
Vignette du fichier
21023.pdf (855.96 Ko) Télécharger le fichier
Origin Files produced by the author(s)

Dates and versions

halshs-03325332 , version 1 (24-08-2021)

Identifiers

  • HAL Id : halshs-03325332 , version 1

Cite

François Gardes. On the value of time and human life. 2021. ⟨halshs-03325332⟩
86 View
72 Download

Share

More