Life-Cycle Prices and Production
利用扫描数据和时间日记，研究家庭如何通过购物和家庭生产在时间与金钱之间进行替代，发现老年家庭购物频率最高、支付价格最低，并估计出时间与商品在家庭生产中的替代弹性约为1.8。
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.