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The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data

Author

Listed:
  • François Gardes

Abstract

This article uses an allocation of time framework following Becker, to propose a new method to estimate the opportunity cost of time and price elasticities at a micro level. As expected, the estimate of the value of time performed by matching the INSEE Family Budget and Time Use surveys is close to the minimum wage rate and positively correlated with household wages, incomes and relative incomes, as well as with the presence of children. Using this estimate, full prices are derived, allowing the computation of cross-section data of price elasticities, elasticities with respect to time use, as well as to the opportunity cost of time.

Suggested Citation

  • François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Annals of Economics and Statistics, GENES, issue 135, pages 89-120.
    • Handle: RePEc:adr:anecst:y:2019:i:135:p:89-120
    DOI: 10.15609/annaeconstat2009.135.0089
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    Citations

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    Cited by:

    1. Krecik, Markus, 2024. "Preference dynamics: A procedurally rational model of time and effort allocation," Discussion Papers 2024/1, Free University Berlin, School of Business & Economics.
    2. François Gardes, 2021. "On the value of time and human life," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03325332, HAL.
    3. François Gardes, 2021. "Biases on variances estimated on large data-sets," Post-Print halshs-03325118, HAL.
    4. François Gardes, 2021. "Biases on variances estimated on large data-sets," Documents de travail du Centre d'Economie de la Sorbonne 21022, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    5. François Gardes, 2021. "On the value of time and human life," Documents de travail du Centre d'Economie de la Sorbonne 21023, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    6. François Gardes, 2021. "Endogenous Prices in a Riemannian Geometry Framework," Post-Print halshs-03325414, HAL.
    7. François Gardes, 2021. "Endogenous Prices in a Riemannian Geometry Framework," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03325414, HAL.
    8. François Gardes, 2021. "An Austrian Trade Cycle model with an Endogenous Value of Time," Post-Print halshs-03325379, HAL.
    9. François Gardes, 2021. "On the value of time and human life," Post-Print halshs-03325332, HAL.
    10. François Gardes, 2021. "A Method to infer time preference from the value of time," Post-Print halshs-03289200, HAL.
    11. Obin Angbo & François Gardes, 2025. "Opportunity cost of time and value of human life in Burkina Faso and Ivory Coast," Economics Bulletin, AccessEcon, vol. 45(4), pages 2032-2040.
    12. Karanfil, Fatih & Pierru, Axel, 2021. "The opportunity cost of domestic oil consumption for an oil exporter: Illustration for Saudi Arabia," Energy Economics, Elsevier, vol. 96(C).
    13. Sagiri Kitao & Kanato Nakakuni, 2023. "On the Trends of Technology, Family Formation, and Women's Time Allocation," CAMA Working Papers 2023-54, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    14. François Gardes, 2021. "An Austrian Trade Cycle model with an Endogenous Value of Time," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03325379, HAL.
    15. François Gardes, 2021. "An Austrian Trade Cycle model with an Endogenous Value of Time," Documents de travail du Centre d'Economie de la Sorbonne 21025, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    16. François Gardes, 2021. "A Method to infer time preference from the value of time," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03289200, HAL.
    17. François Gardes, 2021. "Biases on variances estimated on large data-sets," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03325118, HAL.
    18. François Gardes, 2021. "Endogenous Prices in a Riemannian Geometry Framework," Documents de travail du Centre d'Economie de la Sorbonne 21026, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.

    More about this item

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D1 - Microeconomics - - Household Behavior
    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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