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The popular approach to estimating the elasticity of marginal utility of consumption (EMUC) (Chetty 2006, “A New Method of Estimating Risk Aversion.”  American Economic Review  96 (5):1821–1834. doi:10.1257/aer.96.5.1821.  http://www.aeaweb.org/articles.php?doi=10.1257/aer.96.5.1821 ) is here extended by including household production. It is shown that this generalization of the model is important as omission of household production may lead to bias, as demonstrated in a numerical sensitivity analysis. An extended model with household production is used to derive new EMUC formulas. Empirical estimates based on current evidence of the included parameters suggest a lower bound for EMUC of about 0.9.

Household Production and the Elasticity of Marginal Utility of Consumption