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- Title
Household Services: An Economist's Approach to Calculating the Market Value of Replacement Services.
- Authors
Kucsma, Kristin K.; Betz, Kenneth T.
- Abstract
Household services, defined as non-market activities provided within the household sector, are a common component in many appraisals of economic loss. Due to the non-market nature of these activities, it falls on the economist to estimate an appropriate market value for these services. This paper serves to examine the appropriate wage markup as it pertains to the valuation of household chores, home maintenance and household management. Specifically, in this paper, we explain the methodology we employ in determining the market value of household services and discuss two key aspects of this methodology. Namely, we describe the need for using regional wage data for household services, and the need for a markup to convert wage rates to corresponding market rates.
- Subjects
SERVICE industries; HOUSEHOLDS; MARKET value; MANAGERIAL economics; HOME economics
- Publication
Proceedings of the Northeast Business & Economics Association, 2018, p171
- ISSN
1936-203X
- Publication type
Article