ABSTRACT
One of the characteristic features of modern affluent societies is an obsession with the use of time. Time is regarded as an individual's most valuable resource, one which may be spent, sold, bought, saved, wasted, or even killed. Economists have typically modeled an individual's decision about the use of time as an allocation between market work and leisure, both measured in time units, where leisure comprises all uses of time other than market work. Females, in particular, frequently devote a considerable amount of time to household work. In 1965, Gary Becker produced the seminal theoretical contribution on the allocation of time. The household production approach has proved to be very powerful in analyzing the impact of economic incentives on the use of time. The key feature of Gordon Winston's own time-specific analysis is that it encompasses not simply the duration of activities but also the timing of activities, that is, precisely when activities are to be performed during the day.
