Life-cycle prices and production
Life-cycle prices and production
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DOI：
10.1257/aer.97.5.1533
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发表时间：
2007-12-01
影响因子：
10.7
通讯作者：
Hurst, Erik
中科院分区：
文献类型：
--
作者：
Aguiar, Mark;Hurst, Erik
我们使用扫描仪数据和时间日记来记录家庭如何通过购物和家庭生产来用时间代替金钱。我们记录了在相同地区和相同时间购买相同商品的价格差异很大，年龄较大的家庭购物最多，支付的价格最低。加倍的购物频率可以将商品的价格降低7%到10%。我们估计购物者的时间价格，并使用这个序列估计国内生产的时间和商品之间的替代弹性约为1.8。观察到的生命周期时间分配意味着消费序列与支出明显不同。
We use scanner data and time diaries to document how households substitute time for money through shopping and home production. We document substantial heterogeneity in prices paid for identical goods for the same area and time, with older households shopping the most and paying the lowest prices. Doubling shopping frequency lowers a good's price by 7 to 10 percent. We estimate the shopper's price of time and use this series to estimate an elasticity of substitution between time and goods in home production of roughly 1.8. The observed life-cycle time allocation implies a consumption series that differs markedly from expenditures.