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A behavioral model of labor supply: Casting some light into the black box of income-leisure choice

Опубликовано на портале: 15-12-2002
Journal of Socio-Economics. 2001.  Vol. 30. No. 3. P. 199-219. 
Тематический раздел:
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.