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Replication data for: Life-Cycle Prices and Production

Resource Type
  • Aguiar, Mark
  • Hurst, Erik
Publication Date
  • Abstract

    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 life-cycle time allocation implies a consumption series that differs markedly from expenditures. (JEL D12, D91)
This study is freely available to the general public via web download.
  • Is version of
    DOI: 10.3886/E113218
  • Aguiar, Mark, and Erik Hurst. “Life-Cycle Prices and Production.” American Economic Review 97, no. 5 (November 2007): 1533–59.
    • ID: 10.1257/aer.97.5.1533 (DOI)

Update Metadata: 2020-11-17 | Issue Number: 1 | Registration Date: 2020-11-17

Aguiar, Mark; Hurst, Erik (2007): Replication data for: Life-Cycle Prices and Production. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.