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Individual Euler Equations Rather Than Household Euler Equations

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  • Maurizio Mazzocco

Abstract

This paper focuses on the identification and estimation of the intertemporal and intratemporal elasticities of substitution for the wife and separately for the husband using individual Euler equations. To that end, the household is represented as a group of agents making joint decisions. By means of this framework, individual Euler equations are derived and used to identify and estimate the parameters of interest. The main advantage of this approach is that the key parameters can be identified for all household members and not only for the household as a whole. To implement this approach it is essential to deal with an important issue: individual Euler equations depend on individual consumption which is not observable. In this paper it is shown that individual Euler equations are identified when only data on household consumption, individual labor supply and individual wages are observed. The identification strategy is then used to estimate the elasticities of substitution using the Consumer Expenditure Survey

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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 North American Summer Meetings with number 497.

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Date of creation: 11 Aug 2004
Date of revision:
Handle: RePEc:ecm:nasm04:497

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Related research

Keywords: intertemporal household decisions; intertemporal collective models; Euler equations; intertemporal elasticity of substitution;

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Cited by:
  1. John Knowles, 2006. "Why are Married Men Working So Much?," 2006 Meeting Papers 445, Society for Economic Dynamics.
  2. Pierre-André Chiappori & Olivier Donni, 2004. "Les modèles non-unitaires de comportement du ménage: un survol de la littérature," Cahiers de recherche 0426, CIRPEE.
  3. Donni, Olivier, 2006. "The Intrahousehold Allocation of Private and Public Consumption: Theory and Evidence from U.S. Data," IZA Discussion Papers 2137, Institute for the Study of Labor (IZA).
  4. Olivier Donni, 2004. "A Collective Model of Household Behavior with Private and Public Goods: Theory and Some Evidence from U.S. Data," Cahiers de recherche 0402, CIRPEE.
  5. Olivier Donni, 2004. "A Collective Model of Household Behavior with Private and Public Goods: Theory and Evidence from US Data," Econometric Society 2004 Latin American Meetings 26, Econometric Society.
  6. Chiappori, Pierre-André & Donni, Olivier, 2009. "Non-unitary Models of Household Behavior: A Survey of the Literature," IZA Discussion Papers 4603, Institute for the Study of Labor (IZA).
  7. Almudena Sevilla-Sanz, 2005. "Social Effects, Household Time Allocation, and the Decline in Union Formation: Working Paper 2005-07," Working Papers 16517, Congressional Budget Office.

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