讲座人：Lei Fang (Research Economist and Associate Adviser，Federal Reserve Bank of Atlanta)
讲座题目：Back to Becker: Consumption Production with Time and Goods
论文提要：Households combine market goods and their time to produce different types of consumption activities, from which they derive utility. This paper documents that households with more education allocate more time and a higher share of expenditure to expenditure-intensive leisure activities, such as entertainment; while households with less education allocate more time to time-intensive leisure activities, such as watching TV. Employing the difference in the allocation of time and expenditures, this paper estimates a utility function with different substitutability between time and expenditure across consumption activities. Compared with a standard utility function in which time generates utility only through the form of leisure, the proposed utility function exhibits a larger response in labor supply and a smaller response in welfare inequality to wage and price changes.