Household Behavior and Family Economics

Household behaviour and family economics (JEL D1) analyses the economic decisions of households — consumption, time use, marriage, and fertility.

Scope

It covers consumer demand, the allocation of time, intra-household decision-making, and the economics of marriage, fertility, and the family.

Sub-topics

• General
• Consumer Economics: Theory
• Consumer Economics: Empirical Analysis
• Household Production and Intrahousehold Allocation
• Household Saving • Personal Finance
• Intertemporal Household Choice • Life Cycle Models and Saving
• Collaborative Consumption
• Consumer Protection
• Other

Core questions

• How do households allocate income and time?
• How are decisions made within families?
• How do economic forces shape marriage and fertility?
• How does household production work?

Key concepts

• Household production
• Allocation of time
• Intra-household bargaining
• Demand theory
• Marriage and fertility

Key theories

The allocation of time

Becker treated time as a scarce resource allocated across market and household production.

Economics of the family

Becker extended rational-choice analysis to marriage, fertility, and the household.

History

Family economics was founded by Becker's analysis of time allocation and the family, later enriched by bargaining and collective models of the household.

Debates

Unitary versus collective household models

Whether households act as single decision units or as arenas of bargaining among members.

Key figures

• Gary Becker

Seminal works

• becker-1965
• becker-1981

Frequently asked questions

What is household production?

The idea that households combine time and market goods to produce the things they ultimately value (meals, child-rearing, health).