Chapter

Household Economics

Pranab Bardhan and Christopher Udry

in Development Microeconomics

Published in print May 1999 | ISBN: 9780198773719
Published online November 2003 | e-ISBN: 9780191595929 | DOI: http://dx.doi.org/10.1093/0198773714.003.0002
 Household Economics

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The basic model of household structure and behaviour in the field of economic development is that of a household that is jointly engaged in production and consumption—an ‘agricultural household model’. With complete markets, household production is separable from consumption. This separation property breaks down when there are multiple incomplete markets. A related issue is that of the strong assumptions required for the validity of the unitary household representation. Relaxing these assumptions leads us to models that apply bargaining theory to intrahouse allocation, and to the ‘efficient household’ model.

Keywords: bargaining theory; consumption; economic development; efficient household; household behaviour; household structure; incomplete markets; intrahouse allocation; production; unitary household

Chapter.  5555 words.  Illustrated.

Subjects: Economic Development and Growth

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