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- Title
Labor Supply, Flexible Hours and Real Estate Agents.
- Authors
Benjamin, John D.; Chinloy, Peter; Winkler, Daniel T.
- Abstract
Real estate agents have flexibility in choosing hours and employers. These responses are tested with a five-equation recursive model. Agents choose between full- and part-time work. The conditional wage measures productivity adjusted for self-selection to each status. Hours worked in each status depend on the fitted after-tax wage and household income, yielding flexible supply elasticities. Using a 2005 survey of 8,450 U.S. real estate agents, a year of experience raises the full-time hourly wage by 2.5%. Conditional hours worked decline by 0.6%, implying an earnings return of 1.9% per year of experience. The labor supply elasticity for full-time agents is 0.21; it is almost zero for part timers.
- Subjects
UNITED States; REAL estate agents; FLEXIBLE work arrangements; LABOR supply; MATHEMATICAL models; ELASTICITY (Economics); WAGES &; labor productivity; LABOR economics
- Publication
Real Estate Economics, 2009, Vol 37, Issue 4, p747
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/j.1540-6229.2009.00262.x