Abstract
Based on the idea that people can allocate their time on the weekend to discretionary activities that are not normally done on weekdays, this paper proposes a combined modeling of time allocation and marginal activity choice in order to estimate the value of activity time on weekends. Time allocation model and marginal activity choice model are derived under time- and budget-constraints and the time value for each activity can be calculated. Using artificial time use data obtained from Monte Carlo experiments, proposed two methods of estimating unknown parameters, simultaneous estimation method and two-step estimation method, are verified and compared with regard to the precision of data and the number of samples. Finally, the value of activity time and its confidence interval are calculated.
