Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/102330
Authors: 
Heckman, James J.
Year of Publication: 
2014
Series/Report no.: 
IZA Discussion Papers 8424
Abstract: 
Gary Becker's classic study, A Theory of the Allocation of Time, laid the analytical foundations for the study of household production and the allocation of time within the household. The analytical framework of household production theory developed in this paper remained a pillar of his later work on the economics of the family and the economics of nonmarket activities more generally. Becker provided a formal model of households producing outputs like food, children, and housing that bundled goods and time. Becker's great contribution was to apply the model to interpret a broad array of empirical phenomena. Becker's framework allowed for a deeper understanding of the mechanisms of consumer choice, and interpretation of income and substitution effects. Its continuing relevance in empirical economics is a testimony to its power.
Subjects: 
household production
economics of the family
empirical economics
JEL: 
B31
D13
J24
Document Type: 
Working Paper

Files in This Item:
File
Size
225.05 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.