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The household production model provides a useful theoretical framework in which one may analyze family labor supply issues. In this model, the family is viewed as if it were a small firm producing its ultimate wants within the household. In order to satisfy these wants, the family (firm)...
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This paper examines how respondents model the standard open-ended willingness to pay question: what is your maximum willingness to pay (WTP)? Do they give total household WTP or do they give personal WTP? Several papers in the literature have used this format and decided ex-post to model the...
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