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Constrained labor supply and risk-aversion

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  • Drewianka, Scott
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    Abstract

    This paper extends previous work by showing that consumption constraints typically increase individuals' risk-aversion even if the illiquid good (e.g., leisure) has good substitutes. Calibrations indicate time-use constraints may raise risk-aversion considerably under many common scenarios.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-4SYTC5F-7/2/9e5030f081000feb944786c84afd7c38
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 101 (2008)
    Issue (Month): 2 (November)
    Pages: 130-133

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    Handle: RePEc:eee:ecolet:v:101:y:2008:i:2:p:130-133

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: D810 J220 Risk-aversion Labor supply;

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    References

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    1. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
    2. Sanford J. Grossman & Guy Laroque, 1988. "Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods," NBER Working Papers 2369, National Bureau of Economic Research, Inc.
    3. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-76, October.
    4. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2000. "Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?," Econometrica, Econometric Society, vol. 68(5), pages 1151-1180, September.
    5. Raj Chetty & Adam Szeidl, 2007. "Consumption Commitments and Risk Preferences," The Quarterly Journal of Economics, MIT Press, vol. 122(2), pages 831-877, 05.
    6. Raj Chetty, 2003. "A New Method of Estimating Risk Aversion," NBER Working Papers 9988, National Bureau of Economic Research, Inc.
    7. Orazio P. Attanasio & Guglielmo Weber, 1994. "Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey," NBER Working Papers 4795, National Bureau of Economic Research, Inc.
    8. Andrew Postlewaite & Larry Samuelson & Dan Silverman, 2006. "Consumption Commitments and Employment Contracts," PIER Working Paper Archive 06-028, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 07 Dec 2006.
    9. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, December.
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    Cited by:
    1. Hasker, Kevin & Inci, Eren, 2012. "Free Parking for All in Shopping Malls," MPRA Paper 35978, University Library of Munich, Germany.

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