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MONETARY VALUATION OF NON‐MARKET PRODUCTIVE TIME METHODOLOGICAL CONSIDERATIONS
Author(s) -
Clermont Lisella Goldschmidt
Publication year - 1993
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/j.1475-4991.1993.tb00471.x
Subject(s) - economics , valuation (finance) , wage , production (economics) , market value , value (mathematics) , value of time , microeconomics , econometrics , labour economics , computer science , finance , machine learning , travel time , transport engineering , engineering
After defining households' productive time in non‐SNA activities, the paper discusses the most lie quently used wage‐based methods for imputing a value to this time. It argues that because the relation between market wages and household output is, at best, unknown, such valuations are not fruitful for economic analysis purposes. The paper then proceeds to show that it is possible to establish an output‐related valuation of productive time which per se is relevant for economic analysis. Combined with time‐use data, it can be used as a transitional measure for valuing household production at factors cost in a satellite account.