family economics

John Ermisch
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Family economics is the application of the analytical methods of microeconomics to family behaviour. It aims to improve our understanding of resource allocation and the distribution of welfare within the family, investment in children and inter-generational transfers, family formation and dissolution and how families and markets interact. In family economics, non-market interactions are crucial for family behaviour and individual welfare.
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How to cite this article

Ermisch, John. "family economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 29 July 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_F000292> doi:10.1057/9780230226203.0550

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