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Opportunity Cost of Time and Other Socioeconomic Effects on Away-From-Home Food Consumption

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  • Fred J. Prochaska
  • R. A. Schrimper

Abstract

Viewing the household as both a producing and consuming unit suggests the opportunity cost of the homemaker's time to be an important factor affecting food consumption. Opportunity cost of time is shown empirically to have a positive affect on away-from-home consumption for employed homemakers in all 12 region-urbanization classes studied. The same response is shown for unemployed homemakers in most classes. Furthermore, the estimated bias associated with income elasticities estimated without adjustment for the time input was significant in most cases. Estimated effects of income, family composition and size, and race on away-from-home food consumption are analyzed.

Suggested Citation

  • Fred J. Prochaska & R. A. Schrimper, 1973. "Opportunity Cost of Time and Other Socioeconomic Effects on Away-From-Home Food Consumption," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 55(4_Part_1), pages 595-603.
    • Handle: RePEc:oup:ajagec:v:55:y:1973:i:4_part_1:p:595-603.
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    File URL: http://hdl.handle.net/10.2307/1238344
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