Labor Supply And The Value Of Non Work Time
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Author | : Alexandre Mas |
Publisher | : |
Total Pages | : 46 |
Release | : 2017 |
Genre | : Flexible work arrangements |
ISBN | : |
We use a field experiment to estimate the marginal value of non-work time (MVT). During a national application process for phone survey and data entry positions, we randomly offered applicants alternative wage-hour bundles. Jobseeker choices over these bundles yield estimates for the MVT as a function of hours worked. These quantities trace out a labor supply relationship. As predicted by the conventional model of the allocation of time, the substitution effect is positive. Individual labor supply is highly elastic at low hours and becomes more inelastic at higher hours. For unemployed job applicants, the opportunity cost of a full-time job due to lost leisure, household production, and other non-work activities is approximately 60% of their estimated market wage. A similar estimate is found when we reproduce elements of this experiment in a nationally-representative survey.
Author | : William T. Dickens |
Publisher | : |
Total Pages | : 48 |
Release | : 1985 |
Genre | : Hours of labor |
ISBN | : |
This study presents a model of labor supply in which individuals may face constraints on their choice of work hours, and analyzes the sensitivity of parameter estimates and policy conclusions to the usual assumption of unrestricted choice. We set up the labor supply decision asa discrete choice problem, where each worker faces a finite number of employment opportunities, each offering fixed hours of work. The distribution from which these are drawn, as well as the number of draws, is estimated along with the behavioral parameters of individual labor supply. The standard model with unconstrained hours appears as a special case where the number of draws approaches infinity. We estimate the mean absolute difference between desired and actual work hours to be about ten hours perweek. The results strongly support the notion that hours choices are constrained, and suggest that models which ignore restrictions on hours worked may yield biased estimates of the wage elasticity of desired hours. Further, we suggest that analysis of policies such as income transfers and the flat rate tax which do not consider their effects on the distribution of hours offered may be very misleading.
Author | : Robert Shimer |
Publisher | : Princeton University Press |
Total Pages | : 189 |
Release | : 2010-04-12 |
Genre | : Business & Economics |
ISBN | : 1400835232 |
Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Author | : Joseph G. Altonji |
Publisher | : |
Total Pages | : 52 |
Release | : 1990 |
Genre | : Hours of labor |
ISBN | : |
If hours can be freely varied within jobs, the effect on hours of changes in preferences for those who do change jobs should be similar to the effect on hours for those who do not change jobs. Conversely, if employers restrict hours choices, then changes in preferences should affect hours more strongly when the job changes than when it does not change. For a sample of married women we find that changes in many of the labor supply preference variables produce much larger effects on hours when the job changes.
Author | : Orley Ashenfelter |
Publisher | : Elsevier |
Total Pages | : 800 |
Release | : 1999-11-18 |
Genre | : Business & Economics |
ISBN | : 9780444501899 |
A guide to the continually evolving field of labour economics.
Author | : Ramón Gómez-Salvador |
Publisher | : Edward Elgar Publishing |
Total Pages | : 424 |
Release | : 2005-01-01 |
Genre | : Business & Economics |
ISBN | : 1845425626 |
Labour Supply and Incentives to Work in Europe highlights recent developments in the labour supply in Europe and gives a detailed assessment of their link with economic policies and labour market institutions. Despite major changes in European labour supply during the past few decades, the existing literature still lacks a comprehensive study of the relationship between labour supply and labour market institutions from a macro perspective.
Author | : Y. Hossein Farzin |
Publisher | : |
Total Pages | : 0 |
Release | : 2005 |
Genre | : |
ISBN | : |
Recognizing that people value employment not only to earn income to satisfy their consumption needs but also as a means of community involvement that provides socio-psychological (non-pecuniary) benefits, we show that once the non-pecuniary benefits of employment are incorporated in the standard individual's utility function, then at very low income levels employment can be a source of utility, inducing individuals to supply labor to the extent possible. We also show the conditions under which a greater non-pecuniary effect of employment generates a larger individual labor supply.
Author | : Ging Wong |
Publisher | : W.E. Upjohn Institute |
Total Pages | : 394 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 088099228X |
Comprises a collection of papers which examine recent changes in the distribution of weekly working time in Canada and the United States, the implications of the changing distribution of hours worked for earnings inequality, and efforts to reduce unemployment through mandated hours reductions. Analyses also general patterns and trends in working time over the life cycle and nonstandard employment arrangements. Covers mainly the period from the 1970s to 1990s.
Author | : François Contensou |
Publisher | : Edward Elgar Publishing |
Total Pages | : 264 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : |
Placing working time in the context of history, and examining its function in both a profit maximization framework and a trade union model, Contensou and Vranceanu (economics, ESSEC, France) argue that the tools of microeconomic analysis must be modified to explain the terms of contemporary labor contracts. In discussing concepts such as cost structure, compensating wage, overtime pay, and trade union negotiation they emphasize the possibilities for political intervention on working time. Annotation copyrighted by Book News, Inc., Portland, OR
Author | : James B. Rebitzer |
Publisher | : |
Total Pages | : 48 |
Release | : 1991 |
Genre | : Incentives in industry |
ISBN | : |
This paper examines the role that work incentives play in the determination of work hours. Following previous research by Lang (1989), we use a conventional efficiency wage model to analyze how firms respond to worker preferences regarding wage-hours packages. We find that when workers are homogeneous, the role of worker preferences in determining work hours is similar to the simple neoclassical model of labor supply. For instance, if worker preferences shift in favor of shorter hours, firms will respond by offering jobs entailing shorter hours. When workers have heterogeneous preferences, however, employers will want to use a worker's hours preferences as a signal for the responsiveness of the worker to the work incentives used by the firm, and workers in turn may not reveal their hours preferences. Our key finding in this instance is that the labor market equilibrium may be characterized by a sub-optimal number of short-hour jobs. This shortage of short-hour jobs is likely to be found in high wage labor markets.