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Welfare Analysis of the Allocation of Time During the Great Recession

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Abstract

Using a generalization of the time allocation model to estimate the opportunity cost of time, we explore the intratemporal substitutions between goods and time and the variations of individuals' full expenditures and welfares during the Great Recession. Our findings provide empirical evidence about the importance the home production over the business cycles and show that the reallocation of time absorbed approximately a third of the Great Recession's negative welfare impact

Suggested Citation

  • Anil Alpman & François Gardes, 2015. "Welfare Analysis of the Allocation of Time During the Great Recession," Documents de travail du Centre d'Economie de la Sorbonne 15012, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Mar 2016.
    • Handle: RePEc:mse:cesdoc:15012
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    1. Anil Alpman, 2016. "Implementing Rubin's alternative multiple-imputation method for statistical matching in Stata," Stata Journal, StataCorp LP, vol. 16(3), pages 717-739, September.
    2. François Gardes, 2014. "Full price elasticities and the value of time: A Tribute to the Beckerian model of the allocation of time," Post-Print halshs-00973418, HAL.
    3. Rubin, Donald B, 1986. "Statistical Matching Using File Concatenation with Adjusted Weights and Multiple Imputations," Journal of Business & Economic Statistics, American Statistical Association, vol. 4(1), pages 87-94, January.
    4. François Gardes, 2014. "Full price elasticities and the value of time: A Tribute to the Beckerian model of the allocation of time," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00973418, HAL.
    5. Mark Aguiar & Erik Hurst & Loukas Karabarbounis, 2013. "Time Use during the Great Recession," American Economic Review, American Economic Association, vol. 103(5), pages 1664-1696, August.
    6. François Gardes, 2014. "Full price elasticities and the value of time: A tribute to the Beckerian model of the allocation of time," Documents de travail du Centre d'Economie de la Sorbonne 14014, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
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    1. Anil Alpman & François Gardes, 2016. "Welfare Analysis of the Allocation of Time During the Great Recession," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01159507, HAL.

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    More about this item

    Keywords

    Home Production; Time Allocation; Welfare; Great Recession;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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