Abstract
In this study, the value of nonmarket time is estimated for American families using the opportunity cost approach whereby the market wage is taken as a measure of the value of time and used to impute nonmarket income to each household. In cases where the market wage is not observed, a new estimation technique is used to obtain consistent estimates of the wage. It is shown that the nonmarket income of families increases with family money income and family size, but decreases with age and the number of job holders in the family. The implications for taxation are discussed.
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