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Abstract
To estimate the value of leisure time, this paper suggests the enodogenous switching model which incorporates individual's willingness to take more leisure time. The empirical results show that the value of leisure time in terms of willingly give-up shadow wage is greater than the market wage by 9% in Korea. The Korea economic crisis in 1997 seems to reduce the value of leisure time nearly 14%.
Notes
The Korean Household Panel Study was conducted by Dawoo Economic Research Institute from 1993 to 1998.
The midpoints of each category are given 1.5 for (1) 1–2 hours, 3.5 for (2) 3–4 hours, 5.5 for (3) 5–6 hours, and 7.5 for (4) over 7 hours.
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