Three Essays In Estimating Intertemporal Substitution Elasticities Of Home Production
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Three Essays In Estimating Intertemporal Substitution Elasticities Of Home Production
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Author : Kun Nam James Yu
language : en
Publisher:
Release Date : 2008
Three Essays In Estimating Intertemporal Substitution Elasticities Of Home Production written by Kun Nam James Yu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This dissertation contains three essays that estimate the intertemporal substitution elasticities of a life cycle model that includes home production. The first essay studies the impact of including home work hours in the estimated intertemporal substitution elasticity of labor supply. We use the employment information of employed males obtained from Panel Study in Income Dynamics and Canadian Time Use datasets. We then estimate the elasticities using a two-stage estimation strategy. Our results suggest that the estimated inter-temporal substitution elasticity in the extended home production life cycle model is lower than the one in standard life cycle model without including home production. Our results are in contrast to the results obtained by Rupert et al. (2000), where they report the estimated inter-temporal substitution elasticity in the home production model to be higher than the one in standard life cycle model. The second essay critically evaluates the estimated results obtained by Rupert et al. (2000). We investigate the estimated employed male labor supply elasticities of the home production function by using the Three Time Use datasets that are employed by Rupert et al. By utilizing the two-stage estimation strategy and the generalized least square estimating method, we find that there is no evidence indicating that the estimated inter-temporal labor elasticities of employed male with home production are higher than the ones without home production. The final essay measures the inter-temporal labor supply elasticities with home production using various employed female datasets as well as different estimation methods. Using the same methodology and datasets as the previous two essays, we find that the empirical results do not provide any conclusive evidence to support the hypothesis that the home production function has increased the estimated intertemporal substitution elasticity of employed female compared to the previous results estimated without home production. Overall, the estimated results of all three essays indicate that there seems to be some willingness to substitute total (market and home) hours over the life cycle for both the employed male group and the employed female group, but it is most likely smaller than the willingness to substitute market hours over the life cycle in response to wage changes. [PUBLICATION ABSTRACT].
Homework In Labor Economics
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Author : Peter Rupert
language : en
Publisher:
Release Date : 2001
Homework In Labor Economics written by Peter Rupert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
We argue that estimates of intertemporal substitution elasticities obtained from standard life cycle models are subject to a downward bias because they neglect changes in work done at home over the life cycle. We extend the standard life cycle model to include home production and estimate it using data from three time use surveys. We find that the downward bias is large.
Three Essays On The Economics Of Time Use
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Author : Jean Lim
language : en
Publisher:
Release Date : 2009
Three Essays On The Economics Of Time Use written by Jean Lim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Economists have rejected the popular view that time use is primarily influenced by local customs and law, and instead argue that it is determined by optimal choices of economic agents and the market mechanism. However the analysis of time allocation has been focused on the labor-leisure choice problem which posits a worker who wants more leisure because of his preference for leisure over work. Thus going beyond the standard model, these essays add to the theory of the economics of time use. First I examine why married men earn more. I explore the possibility that differences in household work by marital status can explain the observed male marital wages advantage. Depending on the type and timing of household work, I segregate it into flexible and inflexible household work, using the American Time Use Survey. Empirical results provide strong support for the productivity difference between married and never married men. Household work has significant negative and differential effects on wages. The effects are not only driven by total time spent on household work, but also by types and timing of household work. The result shows that inflexible household work has a stronger negative effect on wages than flexible household work. Second I study how taxes affect time and goods allocation in home production. I claim that an increase in sales taxes encourages households to substitute away from the market goods input in favor of untaxed non-market time input. I explore the substitution response by relating household market purchases and time use. The theory part shows that the size of elasticity of substitution between market goods input and time input is crucial for understanding the government's optimal tax policy. Then I show that it is optimal to impose lower taxes on goods used in the production of commodities with a higher elasticity of substitution. In the empirical part, I estimate sizes of elasticities of substitution of goods for time with the combined survey of Mexican household consumption expenditures and time allocation for 2002. I find that the elasticity of substitution for 'Eating' is lowest. Finally wage compensation for climate is examined. Using the Merged Outgoing Rotation Group File from 2002 to 2007, I find that the North-South wage differential in construction and extraction occupations is much higher than in any other occupations. I claim that this is because weather affects wage determination. If individuals are to locate in both desirable and undesirable locations, undesirable locations must offer higher wages. Using the O*NET database, I obtain information on how often an occupation requires exposure to weather conditions. Estimation results of the wage equation show that wage compensation for living in bad weather amounts to 11.9 percent of hourly wages evaluated at sample means. The difference in wage compensation for working in bad weather between the most exposed (outdoorness index = 5) and least exposed (outdoorness index = 0) occupations is estimated to be 9.6 percent of hourly wages evaluated at sample means. In addition, I find that the occupational injury risk is related to weather conditions in the case of construction and extraction occupations.
The Allocation Of Time And Goods Over The Life Cycle
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Author : Gilbert R. Ghez
language : en
Publisher: Columbia University Press
Release Date : 1975
The Allocation Of Time And Goods Over The Life Cycle written by Gilbert R. Ghez and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Business & Economics categories.
There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Three Essays In International Macroeconomics
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Author : Ivan Pentchev Tchakarov
language : en
Publisher:
Release Date : 2003
Three Essays In International Macroeconomics written by Ivan Pentchev Tchakarov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Intertemporal Substitution In Consumption Revisited
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Author : Zuliu Hu
language : en
Publisher:
Release Date : 2006
Intertemporal Substitution In Consumption Revisited written by Zuliu Hu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall's (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.
Agricultural Household Models
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Author : Inderjit Singh
language : en
Publisher:
Release Date : 1986
Agricultural Household Models written by Inderjit Singh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Agricultural industries categories.
This book presents the basic model of an agricultural household that underlies most of the case studies undertaken so far. The model assumes that households are price-takers and is therefore recursive. The decisions modeled include those affecting production and the demand for inputs and those affecting consumption and the supply of labor. Comparative results on selected elasticities are presented for a number of economies. The empirical significance of the approach is demonstrated in a comparison of models that treat production and consumption decisions separately and those in which the decisionmaking process is recursive. The book summarizes the implications of agricultural pricing policy for the welfare of farm households, marketed surplus, the demand for nonagricultural goods and services, the rural labor market, budget revenues, and foreign exchange earnings. In addition, it is shown that the basic model can be extended in order to explore the effects of government policy on crop composition, nutritional status, health, saving, and investment and to provide a more comprehensive analysis of the effects on budget revenues and foreign exchange earnings. Methodological topics, primarily the data requirements of the basic model and its extensions, along with aggregation, market interaction, uncertainty, and market imperfections are discussed. The most important methodological issues - the question of the recursive property of these models - is also discussed.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1992-01-01
Imf Staff Papers written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-01-01 with Business & Economics categories.
This paper examines market liberalization policies in a reforming socialist economy. The aim of this paper is to develop a model of such a reforming socialist economy and to explore the consequences of market-oriented policies in the context of such an economy. A model of a socialist economy is presented, incorporating bargaining over wages and employment in the socialized sector and shortages that are reflected in the black market. The model is used to analyze the implications of liberalization policies, including trade liberalization, an administered price increase, and provisions allowing for increased direct foreign investment. The nonsocialized sector is perfectly competitive and produces an output that is different from that of the socialized sector. It has a neoclassical production function using a sector-specific input (say, capital) and labor. The results suggest that reforms may have different effects under different trade regimes and that small price reforms may have perverse effects.
Longitudinal Analysis Of Labor Market Data
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Author : James J. Heckman
language : en
Publisher: Cambridge University Press
Release Date : 2008-10-30
Longitudinal Analysis Of Labor Market Data written by James J. Heckman and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-30 with Business & Economics categories.
Longitudinal Analysis of Labor Market Data presents a set of papers by leading scholars on methods for analysing the longitudinal data that is available on numerous topics of interest to social scientists. Because many sources of longitudinal data record labour market phenomena such as unemployment, labour supply, earnings mobility, job turnover and participation in training programmes, all of the papers collected in this volume focus on models of the labour market. The main methodological points, however, are more general and apply to such diverse areas as demography, life science analysis and training evaluation, to name only a few, potential avenues of application. The book contains important methodological contributions to the emerging field of longitudinal analysis and is of interest to a wide range of social scientists.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2006
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Dissertations, Academic categories.