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The Value O F Nonmarket Household Production: Opportunity Cost Versus Market Cost Estimates

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  • Martin Murphy

Abstract

This paper discusses the problem of valuing the time spent on household production and presents estimates of that production for the United States in 1960 and 1970. The estimates are derived by using both opportunity cost and market cost valuations of household time. A comparative analysis of these estimates concludes first that opportunity cost estimates exceeded market cost estimates by 1.0 to 3.0 percent of the GNP. Second, the ratio of household production to the GNP, although declining slightly between 1960 and 1970, may in the long run tend to be relatively stable. These conclusions do not support the popular views that over time household production will decline in relative magnitude, or that the opportunity cost method of valuing household time, relative to the market cost method, is significantly upward biased.

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  • Martin Murphy, 1978. "The Value O F Nonmarket Household Production: Opportunity Cost Versus Market Cost Estimates," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 24(3), pages 243-255, September.
    • Handle: RePEc:bla:revinw:v:24:y:1978:i:3:p:243-255
    DOI: 10.1111/j.1475-4991.1978.tb00051.x
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    Cited by:

    1. Harvey S. James Jr., 1996. "The Valuation of Household Production: How Different are the Opportunity Cost and Market Price Valuation Methods?," Microeconomics 9612001, University Library of Munich, Germany.
    2. Larrivee, John & Shaffer, Ron E., 2007. "Understanding the Local Unrecorded Economy: Informal Work and Home Production in Non-Metropolitan Wisconsin," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 37(2), pages 1-17.
    3. Tóthová Dominika, 2020. "Respiratory Diseases in Children and Air Pollution – The Cost of – Illness Assessment in Ostrava City," Central European Journal of Public Policy, Sciendo, vol. 14(1), pages 43-56, June.
    4. Gillian Hewitson, 2001. "A Survey of Feminist Economics," Working Papers 2001.01, School of Economics, La Trobe University.
    5. John Anderson & Hendrik van den Berg, 1998. "Fiscal Decentralization and Government Size: An International Test for Leviathan Accounting for Unmeasured Economic Activity," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 5(2), pages 171-186, May.
    6. Tarricone, Rosanna, 2006. "Cost-of-illness analysis: What room in health economics?," Health Policy, Elsevier, vol. 77(1), pages 51-63, June.
    7. Douglas Dalenberg & John Fitzgerald & Eric Schuck & John Wicks, 2004. "How Much Is Leisure Worth? Direct Measurement with Contingent Valuation," Review of Economics of the Household, Springer, vol. 2(4), pages 351-365, August.
    8. Heikkilä, Anni & Piekkola, Hannu, 2003. "Economic Inequality and Household Production - The Effects of Specialization of Genders," Discussion Papers 867, The Research Institute of the Finnish Economy.
    9. Jooyeoun Suh & Nancy Folbre, 2016. "Valuing Unpaid Child Care in the U.S.: A Prototype Satellite Account Using the American Time Use Survey," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(4), pages 668-684, December.
    10. Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.

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