Household production, home improvement, and housing investment among older Americans

被引：0
|
作者：
Murray, Tim [1 ]
Dunn, Richard A. [2 ]
机构：
[1] Virginia Mil Inst, Dept Econ & Business, 345 Scott Shipp Hall, Lexington, VA 24450 USA
[2] Univ Connecticut, Dept Agr & Resource Econ, 1376 Storrs Rd, Storrs, CT 06269 USA
来源：
JOURNAL OF HOUSING ECONOMICS | 2022年 / 56卷
关键词：
Household production; Retirement; Housing equity; Home improvement; RETIREMENT; CONSUMPTION; MAINTENANCE; REPAIR; WEALTH; ADULTS; AGE;
D O I：
10.1016/j.jhe.2022.101836
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the role of household production in the context of home improvement and investment decisions of older Americans. To calculate the total value of home improvement, we apply a household production model where households can either purchase professional services or combine market goods with their time. We find that household production is a significant source of home investment. Failing to account for the value of time provided by household members greatly understates the total allocation of resources to home improvement. Consistent with standard household models, home production is a substitute for market-purchased services-labor supply is negatively related to the former and positively related to the latter.
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页数：15
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