Arbeitspapier
Luxuries, necessities, and the allocation of time
Households enjoy utility from activities that require a combination of time and goods. We classify activities into two types: luxuries and necessities. Luxuries (necessities) are activities for which time and expenditure shares rise (decline) with income. We develop and estimate a model with nonhomothetic preferences and find that time and goods are substitutable in producing activities. Activities are also substitutable among themselves. Hence, wage and price changes cause large reallocations of time and expenditures across activities. This effect is quantitatively important for welfare inequality. Since 2003, the rise in the price of leisure luxuries has reduced welfare inequality while the rise in wage dispersion has increased it.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2021-28
- Klassifikation
-
Wirtschaft
Time Allocation and Labor Supply
Macroeconomics: Consumption; Saving; Wealth
Consumer Economics: Theory
- Thema
-
time allocation
consumption expenditures
luxuries
necessities
activity production
inequality
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fang, Lei
Hannusch, Anne
Silos, Pedro
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2021
- DOI
-
doi:10.29338/wp2021-28
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Fang, Lei
- Hannusch, Anne
- Silos, Pedro
- Federal Reserve Bank of Atlanta
Entstanden
- 2021
Ähnliche Objekte (12)
Optimum Taxation and the Allocation of Time.
Health status and the allocation of time
On the Allocation of Time
Parental Disability and Teenagers' Time Allocation
Job tasks, time allocation, and wages
Children, time allocation and consumption insurance
Social norms and household time allocation
Children, Time Allocation and Consumption Insurance
Regional unemployment, gender and time allocation of the unemployed
Time allocation and the comprehensive accounting of economic activity
Working for Nothing: Personality and Time Allocation in the UK
Real-Time Hierarchical Resource Allocation
Optimum Taxation and the Allocation of Time.
Health status and the allocation of time
On the Allocation of Time
Parental Disability and Teenagers' Time Allocation
Job tasks, time allocation, and wages
Children, time allocation and consumption insurance
Social norms and household time allocation
Children, Time Allocation and Consumption Insurance
Regional unemployment, gender and time allocation of the unemployed
Time allocation and the comprehensive accounting of economic activity
Working for Nothing: Personality and Time Allocation in the UK
Real-Time Hierarchical Resource Allocation
Optimum Taxation and the Allocation of Time.
Health status and the allocation of time
On the Allocation of Time
Parental Disability and Teenagers' Time Allocation
Job tasks, time allocation, and wages
Children, time allocation and consumption insurance
Social norms and household time allocation
Children, Time Allocation and Consumption Insurance
Regional unemployment, gender and time allocation of the unemployed
Time allocation and the comprehensive accounting of economic activity
Working for Nothing: Personality and Time Allocation in the UK