Household Time Allocation and Modes of Behavior: A Theory of Sorts1
نویسندگان
چکیده
There is some controversy in the field of household economics regarding the effi ciency of household decisions. We make the point that a flexible specification of spousal preferences and the household production technology precludes the possibility of using revealed preference data on household time allocations to determine the manner in which spouses interact: effi ciently or ineffi ciently. Under strong, but standard, assumptions regarding marriage market equilibria, marital sorting patterns can be used essentially as “out of sample” information that allows us to assess whether household behavior is effi cient or not. We develop a new likelihood-based metric to compare marriage market fits under the two alternative behavioral assumptions. We use a sample of households drawn from a recent wave of the Panel Study of Income Dynamics, and find some (limited) evidence supporting the view that households behave in an effi cient manner. JEL: D13, J12, J22
منابع مشابه
Household Time Allocation and Modes of Behavior: A Theory of Sorts
Household Time Allocation and Modes of Behavior: A Theory of Sorts * We develop a simple model of household time allocation decisions under strong functional form assumptions regarding preferences and household production technology. We argue that the specification is general when allowing for unrestrictive forms of population heterogeneity in the parameters characterizing these functions. More...
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