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

Carla Canelas (), François Gardes (), Philip Merrigan and Silvia Salazar ()
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Carla Canelas: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
François Gardes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Silvia Salazar: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: 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.

Keywords: time use; statistical matching; Elasticity of substitution (search for similar items in EconPapers)
Date: 2014-09
Note: View the original document on HAL open archive server: https://paris1.hal.science/hal-01112620v1
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Published in 2014

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Related works:
Journal Article: Are time and money equally substitutable for all commodity groups in the household’s domestic production? (2019)
Working Paper: Are time and money equally substitutable for all commodity groups in the household’s domestic production? (2019)
Working Paper: Are time and money equally substitutable for all commodity groups in the household’s domestic production? (2019)
Working Paper: Are time and money equally substitutable for all commodity groups in the household’s domestic production? (2019)
Working Paper: Are Time and Money Equally Substitutable for All Commodity Groups in the Household's Domestic Production? (2014)
Working Paper: Are Time and Money Equally Substitutable for All Commodity Groups in the Household's Domestic Production? (2014)
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