Consumption time in household production: Implications for the goods-time elasticity of substitution
Under some reasonable assumptions, we show analytically that the goods-time elasticity of substitution will be greater if consumption time is not included as an input. An empirical example with food production is consistent with this result.
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- Hamermesh, Daniel S., 2006.
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- George C. Davis & C. Richard Shumway, 1996. "To Tell the Truth about Interpreting the Morishima Elasticity of Substitution," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 44(2), pages 173-182, 07.
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