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- Title
A Model of Rationing and Labour Supply: Theory and Estimation.
- Authors
Eaton, Jonathan; Quandt, Richard E.
- Abstract
This paper has developed a model of the labor market in which workers (a) face a stochastic demand for their labor at a given wage and (b) must incur a transactions cost to enter the labor force. In this context, plausible assumptions about workers' utility functions lead the effective supply of labor depending on the probability of rationing. The paper uses these theoretical underpinnings to formulate econometric models and applies maximum likelihood estimation to an aggregate labor market in which labor supply is a.
- Subjects
UNITED States; LABOR supply; RATIONING; LABOR market; LABOR costs; LABOR policy
- Publication
Economica, 1983, Vol 50, Issue 199, p221
- ISSN
0013-0427
- Publication type
Article
- DOI
10.2307/2553965