THE VALUE OF TIME - A THEORETICAL REVIEW

We review the main models postulated to study the subjective value of nonworking time emphasizing the most important aspects behind the micr oeconomic formulation of time allocation models: among others we consi der the behavioural assumptions, the role of constraints in the maximi zation process implicit in this task, and the relevant variables in th e utility function. We analyse first the pioneering models of Becker ( 1965), De Serpa (1971, 1973) and Evans (1972), who develop a general t heoretical framework which may be applied to modal choice models. We t hen go on to consider Train and McFadden's model (1978) where the form ulation incorporates the theory of random utility in order to analyse the choice of individual transport services. This analysis is further developed in Bates and Roberts (1986), Jara-Diaz and Farah (1987), and Jara-Diaz et al. (1988), who extend and perfect the analysis to estab lish what may be considered as the actual position of research on the subject, and to which the most recent contributions of Jara-Diaz (1994 ) are to be added.