Labor supply with stochastic wage rate and non-labor income uncertainty created by Jianli Wang and Pu Gong

By:

Wang Jianli [author]

Contributor(s):

Gong Pu [co-author]

Material type: Text

TextSeries: Journal of Economics ; Volume 109, number 1Heidelberg: Springer, 2013Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

09318658

Subject(s):

Labor supply -- Stochastic wage rate -- Non-labor income uncertainty

LOC classification:

HB171.5 JOU

Online resources:

Click here to access online

Abstract: This paper deals with the labor supply problem in the contemporaneous presence of wage rate and non-labor income uncertainties. We examine the effect of a stochastic wage rate(a non-labor income uncertainty) on labor supply in the presence of a non-labor income uncertainty(a stochastic wage rate) and provide some conditions of utility function for assuring larger labor supply. We study the joint effect of two types of uncertainty on labor supply when two risks are either small or positive quadrant dependent. Our work extends the previous model of labor supply to two-risk framework and shows some new explorations on the classical issue of labor supply under uncertainty.

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Holdings
Item type	Current library	Call number	Vol info	Copy number	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HB171.5 JOU (Browse shelf(Opens below))	Vol. 109, no. 1 (pages 41-56)	SP20885	Not for loan	For In house Use

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This paper deals with the labor supply problem in the contemporaneous presence of wage rate and non-labor income uncertainties. We examine the effect of a stochastic wage rate(a non-labor income uncertainty) on labor supply in the presence of a non-labor income uncertainty(a stochastic wage rate) and provide some conditions of utility function for assuring larger labor supply. We study the joint effect of two types of uncertainty on labor supply when two risks are either small or positive quadrant dependent. Our work extends the previous model of labor supply to two-risk framework and shows some new explorations on the classical issue of labor supply under uncertainty.

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