The Opportunity Costs of Informal Elder-Care in the United States: New Estimates from the American Time Use Survey

2014/10/07 by Amalavoyal V. Chari, A.V. Chari, John Engberg +2 · 26 citations
Social Sciences · Health Professions · #Intergenerational Family Dynamics and Caregiving #Geriatric Care and Nursing Homes #Migration, Aging, and Tourism Studies

paper · pdf · doi:10.1111/1475-6773.12238

Abstract

OBJECTIVES: To provide nationally representative estimates of the opportunity costs of informal elder-care in the United States. DATA SOURCES: Data from the 2011 and 2012 American Time Use Survey. STUDY DESIGN: Wage is used as the measure of an individual's value of time (opportunity cost), with wages being imputed for nonworking individuals using a selection-corrected regression methodology. PRINCIPAL FINDINGS: The total opportunity costs of informal elder-care amount to 522 billion annually, while the costs of replacing this care by unskilled and skilled paid care are 221 billion and 642 billion, respectively. CONCLUSIONS: Informal caregiving remains a significant phenomenon in the United States with a high opportunity cost, although it remains more economical (in the aggregate) than skilled paid care.

Citations

• A Theory of the Allocation of Time
• Sample Selection Bias as a Specification Error

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