The Value of a Housewife's Time

Abstract

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Measuring Food Expenditure Poverty in SNAP Populations: Some Extensions with an Application to the American Recovery and Reinvestment Act

“…As with any good, there is a difference between an individual's willingness to pay and how the market values the good, but similar to all income product accounting, the TFP is based on market value prices of groceries, not the individual's willingness to pay for groceries. As Schreyer and Diewert (2014) have recently shown theoretically, when the purpose is to determine the full cost of production, the market substitute approach for valuing time is appropriate and will be internally consistent with how the TFP is valued (see Hawrylyshyn 1976;Chiswick 1982;Hill 2009;Bridgman 2016 for more discussion on valuing time in production).…”

The economics of housespousery: An essay on household work

“…6 For instance, Chiswick (1982) and Hill (1985b) argue for and use a valueadded approach, anchored to the market value of the home-produced good or service. The explicit motivating purpose underlying their work is to include a measure of the value of the goods and services produced and consumed in the household in national income and product accounts.…”

“…Then the value-added approach dictates that wH + p,:X = pzZ. Hill's (1985a) valuation procedure (i.e., derived from Chiswick, 1982) equates reports of the money saved by do-it-yourselfers to (p~Z -pxX), which she then divides by H to estimate w, the value of the time spent. Such a procedure assumes that the family values the home-produced good at its market value, p~Z.…”

“…Clearly, only if uz/k = pz, the market price of market substitutes for Z, will Hill's (1985a) (and Chiswick's 1982) procedure result in an accurate estimate of the value of time from the family's perspective. If the family values Z more highly (less highly) than its market substitute, then Hill's procedure will lead to an underestimate (overestimate) of the value of time.…”

On marriage-specific human capital

“…1 for a woman with a given utility function and market wage rate (Gronau 1980;C.U. Three home-production functions are shown in Fig.…”