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Reconciling Cyclical Movements in the Marginal Value of Time and the Marginal Product of Labor
Reconciling Cyclical Movements Marginal Value Time and the Marginal Product Labor
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2015/7/20
Recessions appear to be times when the marginal rate of substitution between goods and workers’ time falls below the marginal product of labor. If so, the allocation of workers’ time is inefficient. I...
Value of Time: Speeding Behavior and Gasoline Prices
value of time speeding gasoline price
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2012/10/23
Do drivers reduce speeds when gasoline prices are high? Previous research investigating this energy conservation hypothesis produced mixed results. We take a fresh look at the data and estimate a sign...