Household production is an important non-market activity and the empirical literature has developed different methods towards valuing household production without, however, providing a rigorous theoretical foundation for the various approaches. We follow the literature spawned by Becker (1965)...

The paper provides a generalization of Becker’s theory of the allocation of time. The paper assumes that household time plays three roles: as leisure, household work and household labour supply, with separate utility valuations for each use of time. The paper also considers the case where...