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Household production and the Elasticity of Marginal Utility of Consumption
Swedish National Road and Transport Research Institute, Society, environment and transport, Transport economics Stockholm.ORCID iD: 0000-0002-4209-1997
2016 (English)Report (Other academic)
Abstract [en]

Chetty (2006) developed a new method of estimating the Elasticity of Marginal Utility of Consumption (EMUC) from observed work time responses to wage changes and derived an upper bound of 2 for this parameter. Here I show that the omission of household production in Chetty’s model may lead to bias, and perform a numerical sensitivity analysis of Chetty’s results in this respect. I develop a new model that includes household production from which I derive new, unbiased EMUC formulas. I offer empirical estimates based on current evidence of the included parameters, suggesting a lower bound for EMUC of about 0.9.

Place, publisher, year, edition, pages
Stockholm, 2016. , 38 p.
Series
CTS Working Paper, 2016:10
Keyword [en]
Economics, Household, Production, Mathematical model
National Category
Economics
Research subject
SAB, Qa Economics and finance
Identifiers
URN: urn:nbn:se:vti:diva-10842OAI: oai:DiVA.org:vti-10842DiVA: diva2:952369
Available from: 2016-08-12 Created: 2016-08-12 Last updated: 2016-08-19Bibliographically approved
In thesis
1. Cost-Benefit Analysis of climate policy and long term public investments
Open this publication in new window or tab >>Cost-Benefit Analysis of climate policy and long term public investments
2016 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This compilation dissertation consists of four essays with the common theme of welfare analysis of long-term public investments. The first two essays focus on analysis of climate change mitigation, i.e., the social cost of carbon dioxide. The third essay focuses on cost-benefit analysis (CBA) of transport investment projects, while the last essay takes a broader perspective on welfare analysis.

Place, publisher, year, edition, pages
Örebro: Örebro university, 2016. 33 p.
Series
Örebro Studies in Economics, ISSN 1651-8896 ; 32
Keyword
Cost benefit analysis, Investment, Climate change, Transport infrastructure
National Category
Economics
Research subject
SAB, Qa Economics and finance
Identifiers
urn:nbn:se:vti:diva-10843 (URN)978-91-7529-127-7 (ISBN)
External cooperation:
Opponent
Supervisors
Available from: 2016-08-19 Created: 2016-08-12 Last updated: 2016-09-05Bibliographically approved

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fulltext(1282 kB)19 downloads
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CiteExportLink to record
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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf