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Labor supply : are the income and substitution effects both large or both small?

Author: Miles S Kimball; Matthew D Shapiro; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2008.
Series: Working paper series (National Bureau of Economic Research), no. 14208.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Labor supply is unresponsive to permanent changes in wage rates. Thus, income and substitution effects cancel, but are they both close to zero or both large? This paper develops a theory of labor supply where income and substitution effects cancel, taking into account optimization over time, fixed costs of going to work, and interactions of labor supply decisions within the household. The paper then applies this  Read more...
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Additional Physical Format: Print version:
Kimball, Miles S.
Labor supply.
Cambridge, Mass. : National Bureau of Economic Research, 2008
(DLC) 2008611017
(OCoLC)256489456
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Miles S Kimball; Matthew D Shapiro; National Bureau of Economic Research.
OCLC Number: 237045525
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011. MiAaHDL
Description: 1 online resource (1 volume).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 14208.
Responsibility: Miles S. Kimball, Matthew D. Shapiro.

Abstract:

Labor supply is unresponsive to permanent changes in wage rates. Thus, income and substitution effects cancel, but are they both close to zero or both large? This paper develops a theory of labor supply where income and substitution effects cancel, taking into account optimization over time, fixed costs of going to work, and interactions of labor supply decisions within the household. The paper then applies this theory to survey evidence on the response of labor supply to a large wealth shock. The evidence implies that the constant marginal utility of wealth (Frisch) elasticity of labor supply is about one.

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