Extended theory about the allocation of time: Description and application to the increase in the retirement age policies
This paper revises mainstream economic models which include time use in an explicit and endogenous manner, suggesting a extended theory which escape from the main problem existing in the literature. In order to do it, we start by presenting in section 2 the mainstream time use models in economics, s...
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| Tipo de recurso: | informe técnico |
| Fecha de publicación: | 2013 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/49186 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/49186 |
| Access Level: | acceso abierto |
| Palabra clave: | Allocation of time Joint production Time use Retirement age Life cycle Econometría (Economía) Indicadores económicos 5302 Econometría 5302.01 Indicadores Económicos |
| Sumario: | This paper revises mainstream economic models which include time use in an explicit and endogenous manner, suggesting a extended theory which escape from the main problem existing in the literature. In order to do it, we start by presenting in section 2 the mainstream time use models in economics, showing their main features. Once this is done, we introduce the reader in the main problems this kind of well established models imply, within section 3, being the most highlighted the problem of joint production. Subsequently, we propose an extended theory which solves the problem of joint production; this is extensively described in section 4. Last, but not least, we apply this model to offer a time use analysis of the effect of a policy which increases the retirement age in a life-cycle perspective for a representative individual. |
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