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Household Production and the Elasticity of Marginal Utility of Consumption
Swedish National Road and Transport Research Institute, Society, environment and transport, Transport economics. Örebro Universitet.ORCID iD: 0000-0002-4209-1997
2017 (English)In: The B.E. Journals in Economic Analysis & Policy, ISSN 1935-1682, E-ISSN 1935-1682, Vol. 17, no 4, article id 20160265Article in journal (Refereed) Published
Abstract [en]

The popular approach to estimating the elasticity of marginal utility of consumption (EMUC) (Chetty 2006, "A New Method of Estimating Risk Aversion." American Economic Review 96 (5):1821-1834. doi:10.1257/aer.96.5.1821. http://www.aeaweb.org/articles.php?doi=10.1257/aer.96.5.1821) is here extended by including household production. It is shown that this generalization of the model is important as omission of household production may lead to bias, as demonstrated in a numerical sensitivity analysis. An extended model with household production is used to derive new EMUC formulas. Empirical estimates based on current evidence of the included parameters suggest a lower bound for EMUC of about 0.9.

Place, publisher, year, edition, pages
WALTER DE GRUYTER GMBH , 2017. Vol. 17, no 4, article id 20160265
Keywords [en]
Economics, Household, Elasticity, Mathematical model
National Category
Economics
Research subject
SAB, Qa Economics and finance
Identifiers
URN: urn:nbn:se:vti:diva-12565DOI: 10.1515/bejeap-2016-0265ISI: 000415583800002OAI: oai:DiVA.org:vti-12565DiVA, id: diva2:1163502
Available from: 2017-12-07 Created: 2017-12-07 Last updated: 2017-12-07Bibliographically approved

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Asplund, Disa

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  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
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  • Other style
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Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
  • html
  • text
  • asciidoc
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