The Elasticity of Substitution between Time and Market Goods: Evidence from the Great Recession
The Elasticity of Substitution between Time and Market Goods: Evidence from the Great Recession
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时间和市场商品之间的替代弹性：来自大衰退的证据
DOI：
10.1111/iere.12343
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Arlene Wong
中科院分区：
文献类型：
--
作者：
Aviv Nevo;Arlene Wong
本文研究了家庭消费平滑通过在商业周期中花费在购物上的时间的变化。使用杂货店购买的扫描仪数据，我们记录了家庭如何通过增加优惠券使用，销售购买，购买更大尺寸和通用产品来降低他们在经济衰退期间支付的价格。我们发现，这种行为与经济衰退中家庭时间成本的显着下降是一致的，这与个人生命周期中时间成本的下降相当。使用我们估计的时间成本和时间使用日记的数据，我们估计在国内生产的时间和商品之间的替代弹性很高。这意味着，家庭能够通过在衰退期间改变其时间内分配来平滑相对于市场支出的相当大一部分消费。
This paper examines household consumption smoothing via variation in time spent shopping over the business cycle. Using scanner data on grocery purchases, we document how households lower the prices that they pay during downturns by increasing their coupon usage, sale purchasing, buying larger sizes and generic products. We show that this behavior is consistent with a significant decline in households' cost of time in recessions, which is comparable to the decline in cost of time over an individual's life-cycle. Using our estimated cost of time and data from time-use diaries, we estimate a high elasticity of substitution between time and goods in home production. This implies that households are able to smooth a sizable fraction of consumption, relative to market expenditures, by varying their intra-temporal allocation of time during recessions.