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Valuing Household Services: A New Look at the Replacement Cost Approach

Matthew J. Cushing & David I. Rosenbaum

Journal of Legal Economics2012article
ABDC B
Weight
0.34

Abstract

Economists are called upon to assess the loss of household services in personal injury and wrongful death cases. One frequently used method for doing this is to value the labor hours spent on household services at market wage rates. A less often used alternative values the actual services produced at retail market prices. This paper develops a new technique Jr valuing services at retail prices. It then investigates the relative divergence between the wage rate and retail price approaches. The analysis indicates that valuing the actual retail services produced generates estimates significantly larger than those generated by valuing labor hours.

4 citations

Cite this paper

@article{matthew2012,
  title        = {{Valuing Household Services: A New Look at the Replacement Cost Approach}},
  author       = {Matthew J. Cushing & David I. Rosenbaum},
  journal      = {Journal of Legal Economics},
  year         = {2012},
}

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Valuing Household Services: A New Look at the Replacement Cost Approach

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Evidence weight

0.34

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.00 × 0.4 = 0.00
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.