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Journal Article
Analyzing Labor Supply without Considering Income from Assets
1981
Overview
A method is developed to estimate income and substitution effects not necessitating variation in an exogenous nonwage income variable. A family labor supply model is developed which includes asset accumulation and produces labor supply functions not dependent on asset income. Asset income is not treated as exogenous nonwage income in the equations, and the model is overidentified, irrelevant of the existence of exogenous nonwage income. The model permits substitution and income effects estimation in the existence of insufficient variation in exogenous nonwage income barring asset income. Empirical results support the model only for younger families with children, the estimated substitution effects being small. It is suggested the husband and wife possess little sensitivity to income compensated changes in wage rates.
