Scandinavian Working Papers in Economics

Working Papers,
Swedish National Road & Transport Research Institute (VTI)

No 2008:2: The value of time from subjective data on life satisfaction and job satisfaction: An empirical assessment

Gunnar Isacsson (), Anders Karlström () and Jan-Erik Swärdh ()
Additional contact information
Gunnar Isacsson: VTI, Postal: Dept. of Transport Economics, P.O. Box 760, SE-781 27 Borlange, Sweden
Anders Karlström: KTH, Postal: Transport and Economics, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
Jan-Erik Swärdh: VTI, Postal: Dept. of Transport Economics, P.O. Box 55685, SE-102 15 Stockholm, Sweden

Abstract: This paper compares estimates of the value of commuting time, working time and household working time from empirical models of subjective assessments of life satisfaction and job satisfaction, respectively, to the corresponding estimates obtained from an empirical search model of the labour market. The results indicate that all three variables produce rather high estimates of the value of commuting time. The results regarding the value of working time differ more between the different outcome variables and it is only significantly different from zero in the model of life satisfaction. Perhaps less surprisingly, the estimate of the value of household working time is also only significantly different from zero in the model of life satisfaction in contrast to the models of job satisfaction and job durations where it is insignificantly different from zero. This paper compares estimates of the value of commuting time, working time and household working time from empirical models of subjective assessments of life satisfaction and job satisfaction, respectively, to the corresponding estimates obtained from an empirical search model of the labour market. The results indicate that all three variables produce rather high estimates of the value of commuting time. The results regarding the value of working time differ more between the different outcome variables and it is only significantly different from zero in the model of life satisfaction. Perhaps less surprisingly, the estimate of the value of household working time is also only significantly different from zero in the model of life satisfaction in contrast to the models of job satisfaction and job durations where it is insignificantly different from zero.

Keywords: Life satisfaction; job satisfaction; job search; value of time

JEL-codes: C25; C41; J62; R41

25 pages, April 21, 2008

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