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Welfare Analysis of the Allocation of Time During the Great Recession

Author

Listed:
  • Anil Alpman

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • François Gardes

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

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, 2016. "Welfare Analysis of the Allocation of Time During the Great Recession," Post-Print halshs-01159507, HAL.
    • Handle: RePEc:hal:journl:halshs-01159507
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01159507v2
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    References listed on IDEAS

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    1. Joachim Frick & Markus Grabka & Olaf Groh-Samberg, 2012. "The impact of home production on economic inequality in Germany," Empirical Economics, Springer, vol. 43(3), pages 1143-1169, December.
    2. Anil Alpman, 2015. "Implementing Rubin's Alternative Multiple Imputation Method for Statistical Matching in Stata," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01159191, HAL.
    3. 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.
    4. 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.
    5. Bonke, Jens, 1992. "Distribution of Economic Resources: Implications of Including Household Production," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(3), pages 281-293, September.
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    9. Jens Bonke, 1992. "Distribution Of Economic Resources: Implications Of Including Household Production," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(3), pages 281-293, September.
    10. 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.
    11. Anil Alpman, 2015. "Implementing Rubin's Alternative Multiple Imputation Method for Statistical Matching in Stata," Post-Print hal-01159191, HAL.
    12. 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.
    13. 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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    Keywords

    Home Production; Time Allocation; Welfare; Great Recession; Production domestiques; Allocation du temps; Richesse;
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