TY - JOUR
T1 - A behavioral model of labor supply
T2 - Casting some light into the black box of income-leisure choice
AU - Altman, Morris
PY - 2001/5/6
Y1 - 2001/5/6
N2 - The economics of labor supply, a basic building block of economic theory, cannot provide any substantive analytical predictions on the course of labor supply by an individual or a group. This is largely due to the absence, in the theory of income-leisure choice, of any consequential behavioral content which speaks to existing and changing preferences of individuals and to the differences in preferences across individuals. Introducing a discussion of preferences into the argument, in particular target real income and target nonmarket time, provides for a richer model of labor supply and for a more precise set analytical predictions with important public policy implications.
AB - The economics of labor supply, a basic building block of economic theory, cannot provide any substantive analytical predictions on the course of labor supply by an individual or a group. This is largely due to the absence, in the theory of income-leisure choice, of any consequential behavioral content which speaks to existing and changing preferences of individuals and to the differences in preferences across individuals. Introducing a discussion of preferences into the argument, in particular target real income and target nonmarket time, provides for a richer model of labor supply and for a more precise set analytical predictions with important public policy implications.
KW - D10
KW - J22
KW - Labor supply
KW - N300
KW - Preferences
KW - Target income
UR - http://www.scopus.com/inward/record.url?scp=0012813409&partnerID=8YFLogxK
U2 - 10.1016/S1053-5357(01)00099-3
DO - 10.1016/S1053-5357(01)00099-3
M3 - Article
AN - SCOPUS:0012813409
VL - 30
SP - 199
EP - 219
JO - Journal of Socio-Economics
JF - Journal of Socio-Economics
SN - 1053-5357
IS - 3
ER -