Time Allocation Decisions In Two‐Parent Families

Abstract

Economists have postulated an explicit decision‐making rule, the maximization of utility, which is followed in the face of scarce resources. In this paper we formulate a model with which we can empirically test the decision‐making hy pothesis of utility maximization. The model also takes into account the simul taneous nature of decisions about time allocation for husband and wife, and purchases of goods and services. The empirical test of the decision‐making hy pothesis involves estimating a system of demand equations for household goods and time. Once estimated, the results are examined for conformation with the results implied by the decision‐making hypothesis. We find substantial support for the postulated decision‐making hypothesis.

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