UEC-22306 Economics of Consumption, Welfare and Society (UEC22306)
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UEC-22306 Economics of Consumption, Welfare and Society summary
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UEC-22306 Economics of Consumption, Welfare and Society (UEC22306)
Institution
Wageningen University (WUR)
A to the point overview of the concepts discussed in the papers and lectures in the course UEC-22306 Economics of Consumption, Welfare and Society. The documents setup is made to make learning easier (covering one side with your hand for easy review)
UEC-22306 Economics of Consumption, Welfare and Society (UEC22306)
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As income rises, less time is spent on time-intensive activities and more time is spent on goods-
intensive activities. Linder argument
Neo-classical theory increase in consumption leads to an
increase in utility
New Home Economics model household is small firm, that is
perfectly rational and uses task
specialisation.
More goods or leisure=higher
utility
Pse production substitution effect
(convenience food)
Cse consumption substitution effect
(mo moneys, less leisure, mo
consumption)
Working hours Act and Shopping Hours act
Verschil arm (laagopgeleid) en rijk (hoogopgeleid)
1. Gezin van hoogopgeleiden doen samen meer in het huishouden
2. Gezin van hoogopgeleiden maken minder besluiten over geld samen (beiden eigen inkomen/
meer onafhankelijkheid)
3. Laagopgeleiden eerder traditionele rollen man en vrouw (middle class makes joint decisions)
4. Laagopgeleiden zijn vaak dikker en ongezonder dan hoogopgeleiden, ook bewegen ze relatief
minder
5. Experiential leisure, more contributing to subjective well-being. Only accessible is basic
material needs are fulfilled.
6. Loss of work is loss of Social status and Identity
7. Loss of work is loss of structure for people’s lives
Bargaining model mo resources mo inzeg. Bargaining
position is influenced by education, p
presents of children, age of the .
spouses, the duration of the marriage
legal household arrangement
The Nash Bargaining solution the outcome of bargaining that max-
imizes the product of players gains
from cooperation.
Becker VS. bargaining model 1. head household is decision maker
according to Becker
2. Husband devises (Becker)
Husband and wife bargain utility
, 3. External condition nee Becker
External conditions yee bargaining
4. Resources are pooled (Becker
Resources affect threat point
Input methods focus on productions costs
(household labor time x price per
hour)
The market cost method market price of labour input is used
to estimate value added of home
production
The opportunity cost method the cost of the opportunity of earning
wage while doing housework.
Output methods value added to home production
as the difference between the market
value of the products, and the price
of the market input.
Production function method home-produced goods have the same
‘price’ as market goods
Income evaluation approach Households are asked the minimum
amount of money they would need in
order to reach the utility level good.
Households with more household
production will need less than house-
holds with few housework hours
The contingent value method willingness to pay for a release of
household work= value added
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