The Allocation and Valuation of Time

Walter Diewert, Kevin Fox and Paul Schreyer

Microeconomics.ca working papers from Vancouver School of Economics

Abstract: We provide a generalization of Becker's theory of the allocation of time. We assume that household time plays three roles: as leisure, household work and household labour supply, with separate utility valuations for each use of time. A case not considered by Becker, nor by Pollak and Wachter, is addressed; the case where the household does not provide external market labour. Various corner solutions to the household's time allocation problem are considered in detail, and we consider the econometric problems that these corner solutions create. We relate the analysis to the difficult problems associated with the valuation of household work at home.

Keywords: Valuation of household time; replacement cost valuation of time; opportunity cost valuation of time; household production (search for similar items in EconPapers)
JEL-codes: E01 E21 J22 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2017-05-04, Revised 2017-05-04
New Economics Papers: this item is included in nep-lma, nep-mac and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:ubc:pmicro:erwin_diewert-2017-5

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