초록 열기/닫기 버튼
The five-day workweek has been in force and the government has gradually expanded the system to improve the productivity and the quality of life. In particular, the increase of leisure expenditures was expected to activate tourism sector greatly. However, the leisure demand has been slowing down. This paper aims to examine the leisure behavior patterns of salary and wage earners’s households by income decile group. We model the demand function in terms of income and price and examine the responsiveness of leisure demand to changes in income and price. The estimation results show that price coefficients and income coefficients have the similar sizes and the rolling regression coefficients of income tend to decrease, meaning that leisure demand will not grow so fast as we expect. This paper also applies impulse-response functions to the structural model. The results indicate that while leisure demand responds positively to the shocks in income and then decay slowly, responses to the price shocks are relatively small compared to income shocks.
키워드열기/닫기 버튼
income decile, leisure, price coefficient, income coefficient
