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Valuation of Household Production at Market Prices and Estimation of Production Functions

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  • Fitgerald, John M
  • Swenson, Matthew S
  • Wicks, John H

Abstract

This paper estimates household production functions directly, considers their characteristics, and compares them with previous indirectly estimated functions. Interviews with 135 Missoula, Montana, area married-couple households provided the data. The results suggest that endogeneity and a previous lack of output and capital data which led to the use of the indirect methodology are not insurmountable problems. The results tend to confirm the feasibility of directly measuring household outputs since the production function results are reasonable. Directly estimated household production functions offer the possibilities for estimation of short-term household output changes and testing hypotheses about households' economic behavior. Copyright 1996 by The International Association for Research in Income and Wealth.

Suggested Citation

  • Fitgerald, John M & Swenson, Matthew S & Wicks, John H, 1996. "Valuation of Household Production at Market Prices and Estimation of Production Functions," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(2), pages 165-180, June.
  • Handle: RePEc:bla:revinw:v:42:y:1996:i:2:p:165-80
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    References listed on IDEAS

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    1. Michelle H. Dreiman & Anthony Pennington-Cross, 2004. "Alternative Methods of Increasing the Precision of Weighted Repeat Sales House Prices Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 28(4), pages 299-317, May.
    2. Donald R. Haurin & Patric H. Hendershott & Dongwook Kim, 1991. "Local House Price Indexes: 1982-1991," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 451-472.
    3. Crone, Theodore M. & Nakamura, Leonard I. & Voith, Richard, 1998. "Measuring housing services inflation," Working Papers 98-21, Federal Reserve Bank of Philadelphia, revised 01 Jan 1999.
    4. John S. Greenlees, 1982. "An Empirical Evaluation of the CPI Home Purchase Index, 1973-1978," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(1), pages 1-24.
    5. Karl E Case & John M Quigley & Robert J Shiller, 2003. "Home-buyers, Housing and the Macroeconomy," RBA Annual Conference Volume,in: Anthony Richards & Tim Robinson (ed.), Asset Prices and Monetary Policy Reserve Bank of Australia.
    6. Davis, Morris A. & Heathcote, Jonathan, 2007. "The price and quantity of residential land in the United States," Journal of Monetary Economics, Elsevier, pages 2595-2620.
    7. Theodore M. Crone & Leonard I. Nakamura & Richard Voith, 2010. "Rents Have Been Rising, Not Falling, in the Postwar Period," The Review of Economics and Statistics, MIT Press, pages 628-642.
    8. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, pages 125-137.
    9. Edward L. Glaeser & Jesse M. Shapiro, 2003. "The Benefits of the Home Mortgage Interest Deduction," NBER Chapters,in: Tax Policy and the Economy, Volume 17, pages 37-82 National Bureau of Economic Research, Inc.
    10. Jonathan McCarthy & Richard Peach, 2004. "Are home prices the next "bubble"?," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 1-17.
    11. Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-187, Jan.-Marc.
    12. Gatzlaff, Dean H & Haurin, Donald R, 1997. "Sample Selection Bias and Repeat-Sales Index Estimates," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 33-50, Jan.-Marc.
    13. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, pages 125-137.
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    Cited by:

    1. Hallberg, Daniel, 2000. "Does Time-Use Data Support the Unitary Model? A Test using Swedish Time-Use Data from 1984 and 1993," Working Paper Series 2000:14, Uppsala University, Department of Economics.
    2. Asiedu, Edward, 2016. "Coming home without supplies: Impact of household needs on bribe involvement and gender gaps," Discussion Papers 229587, Georg-August-Universitaet Goettingen, GlobalFood, Department of Agricultural Economics and Rural Development.
    3. Per-Anders Edin & Robert J. LaLonde & Olof Aslund, 2000. "Emigration of Immigrants and Measures of Immigrant Assimilation: Evidence from Sweden," Working Papers 0020, Harris School of Public Policy Studies, University of Chicago.
    4. Andrea Brandolini & Eliana Viviano, 2016. "Accounting for total work in labour statistics
      [Der Gesamtbetrag der Arbeit in den Arbeitsmarktstatistiken]
      ," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), pages 199-212.
    5. Per-Anders Edin & Robert J. LaLonde & Olof Aslund, 2000. "Emigration of Immigrants and Measures of Immigrant Assimilation: Evidence from Sweden," Working Papers 0020, Harris School of Public Policy Studies, University of Chicago.

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