Comparative Advantage in the Household: Should One Person Specialize in a Household’s Financial Matters?

Blain Pearson; Thomas Korankye; Hossein Salehi

doi:10.1007/s10834-021-09807-y

Comparative Advantage in the Household: Should One Person Specialize in a Household’s Financial Matters?

Blain Pearson, Thomas Korankye, Hossein Salehi

Family and Consumer Sciences (Instruction), School of

Research output: Contribution to journal › Article › peer-review

3 Scopus citations

Abstract

This study examines if households experience utility gains by selecting one of its members to specialize in its financial management. Utilizing data that are collected from the Health and Retirement Study, a variable measuring households’ level of financial specialization (HFS) is first constructed. The HFS variable is examined for its association with household utility, measured in this study as financial satisfaction, income satisfaction, and life satisfaction. The evidence provided strongly indicates that a household that selects one of its members to specialize in its financial management experiences utility gains.

Original language	English (US)
Pages (from-to)	114-124
Number of pages	11
Journal	Journal of Family and Economic Issues
Volume	44
Issue number	1
DOIs	https://doi.org/10.1007/s10834-021-09807-y
State	Published - Mar 2023

Keywords

Financial satisfaction
Household economics
Household finances
Household specialization

ASJC Scopus subject areas

Social Psychology
Economics and Econometrics

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10.1007/s10834-021-09807-y

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title = "Comparative Advantage in the Household: Should One Person Specialize in a Household{\textquoteright}s Financial Matters?",

abstract = "This study examines if households experience utility gains by selecting one of its members to specialize in its financial management. Utilizing data that are collected from the Health and Retirement Study, a variable measuring households{\textquoteright} level of financial specialization (HFS) is first constructed. The HFS variable is examined for its association with household utility, measured in this study as financial satisfaction, income satisfaction, and life satisfaction. The evidence provided strongly indicates that a household that selects one of its members to specialize in its financial management experiences utility gains.",

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Comparative Advantage in the Household: Should One Person Specialize in a Household’s Financial Matters?

Abstract

Keywords

ASJC Scopus subject areas

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