Are Time and Money Equally Substitutable for All Commodity Groups in the Household's Domestic Production?

This article uses household data to measure the substitutability between time and money for eight commodity groups and different countries. The elasticities estimated using the household's market wage and an estimated opportunity cost of time are positive, indicating substitutability, and much larger for all goods compared to food. The estimates with the wage rate are, in general, smaller than those obtained using the opportunity cost of time.

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Year of publication:	2014-09
Authors:	Canelas, Carla ; Gardes, François ; Merrigan, Philip
Institutions:	Centre d'Économie de la Sorbonne, Université Paris 1 (Panthéon-Sorbonne)
Subject:	Elasticity of substitution \| time use \| statistical matching

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Extent:	application/pdf
Series:	Documents de travail du Centre d'Economie de la Sorbonne. - ISSN 1955-611X.
Type of publication:	Book / Working Paper
Notes:	7 pages
Classification:	D12 - Consumer Economics: Empirical Analysis ; D13 - Household Production and Intrahouse Allocation ; D24 - Production; Capital and Total Factor Productivity; Capacity
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011098345