Life-Cycle Prices and Production
Bibliographic Data
| ID | 19607697 |
|---|---|
| Authors | Mark Aguiar (0000-0002-1930-1845, University of Rochester), Erik Hurst (0000-0003-3760-3051, University of Chicago) |
| Year | 2007 |
| Volume | 97 |
| Issue | 5 |
| Pages | 1533-1559 |
| Publication date | 2007-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | American Economic Review (JOURNAL) |
| Journal identifiers | ISSN: 0002-8282 • E-ISSN: 1944-7981 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/aer.97.5.1533 |
| OpenAlex | W3125008982 |
| Language | EN |
| Citations received | 49 |
| References cited | 26 |
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 lifecycle time allocation implies a consumption series that differs markedly from expenditures. (JEL D12, D91)
Consumption (sociology) · Econometrics · Economics · Elasticity of substitution · Macroeconomics · Microeconomics · Monetary economics · Personal consumption expenditures price index · Production (economics) · Financial Literacy, Pension, Retirement Analysis · Gender, Labor, and Family Dynamics · Housing Market and Economics
Nejednakosti inflacije u Hrvatskoj
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Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
Deconstructing Life Cycle Expenditure
Explaining Cross-Country Productivity Differences in Retail Trade
Obesity, Poverty and Public Policy
Sweetening of the global diet, particularly beverages
The Consumption Response to Income Changes
Has Consumption Inequality Mirrored Income Inequality?
Retirement and Home Production
Are time and money equally substitutable for all commodity groups in the household’s domestic production
Measuring Rationality with the Minimum Cost of Revealed Preference Violations
Drip pricing and costly search
Retirement routes and the well-being of retirees
Heterogeneity in prices and inflation over the life cycle
Sales and promotions and the great recession deflation
The Impacts of Local Housing Markets on U.S. Presidential Elections
Is there a Green Dividend of National Redistribution
With a rebel yell
The effects of the affordable care act on labor supply and other uses of time
Understanding the retirement-consumption puzzle through the lens of food consumption-fuzzy regression-discontinuity evidence from urban China
Time use and eating patterns of SNAP participants over the benefit month
A reconsideration of the sugar sweetened beverage tax in a household production model
The retirement (food)-consumption puzzle revisited - A panel data study from Denmark
Food Expensiveness in Scotland's Remote Areas
Measuring Trends in Leisure
Time Use During the Great Recession
A Revealed Preference Approach to Identification and Inference in Producer-Consumer Models
An Engel Curve for Variety
Changes in Consumption at Retirement
Are Household Surveys Like Tax Forms? Evidence from Income Underreporting of the Self-Employed
Does Home Production Replace Consumption Spending? Evidence from Shocks in Housing Wealth in the Great Recession
The effect of time use and food cost on dietary quality
Shopping Around
Consumption and time use responses to unemployment
The Importance of Product Reformulation Versus Consumer Choice in Improving Diet Quality
Taxes, subsidies and gender gaps in hours and wages
Cognitive Function, Numeracy and Retirement Saving Trajectories
Optimal Rules of Thumb for Consumption and Portfolio Choice
Inelastic Buyers and Competition
Time to Cook
Religious shoppers spend less money
Living with Reduced Income
De la valeur économique du temps
Durable Ownership, Time Allocation, and Female Labor Force Participation
The Role of Prices in Measuring the Poor's Living Standards
Health Insurance and Income Inequality
Consumer Shopping Behavior
An Introduction to the Bootstrap
Consumption Over the Life Cycle
Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry
The Allocation of Capital and Time over the Business Cycle
Equilibrium Price Dispersion in Retail Markets for Prescription Drugs
Consumption versus Expenditure
The Economics of Information
Homework in Macroeconomics
A Theory of the Allocation of Time
Cognitive Function, Numeracy and Retirement Saving Trajectories
Equivalence Scale Relativities Revisited
| Unique citing works | 49 |
|---|---|
| Citations per year | 2,58 |
| Citation span | 2007 - 2026 (20) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 43 |