Table 4.

Results of the model estimation from the total sample

Attribute	Proportional expenses		Equal expenses
	Value	t-value	Value	t-value
Model specification
# Persons	737		737
# Parameters	4		4
# Equations	3		3
Model parameters
${\theta }_w$	− 0.421	− 4.94	− 0.217	− 4.90
${\theta }_1$	0.732	172.70	0.735	172.92
${\theta }_2$	0.268	–	0.265	–
$\Phi$	0.365	13.88	0.308	19.02
${\phi }_1$	0.226	13.55	0.178	19.88
${\phi }_2$	0.139	–	0.130	–
r-squares
Tw equation	0.702		0.712
T1 equation	0.624		0.624
E1 equation	0.379		0.096
Lagrange multipliers
μ	0.0277		0.0276
λ	0.0043		0.0035
Values of time (€/h)	Value	95% C.I.	Value	95% C.I.
VoL = μ/λ	8.17	[7.15, 9.19]	9.68	[8.91, 10.44]
Observed wage	12.14	[11.77, 12.50]	12.14	[11.77, 12.50]
VTAW = VoL–w	− 3.97	[− 4.99, − 2.94]	− 2.46	[− 3.23, − 1.69]

Please note that (1) the 95% confidence intervals of the VoL were estimated using the Delta method (Daly et al. 2012); (2) the parameters ${\theta }_2$ and ${\phi }_2$ have no t-values, because they were not estimated but calculated as differences of other parameters: ${\theta }_2=\Theta -{\theta }_1$ and ${\phi }_2=\mathrm{\Phi }-{\phi }_1$; (3) the parameter Θ is not estimated because it is set to one for normalisation, i.e., all other parameters are estimated in units of Θ