Dynamic Labor Force Participation Decisions of Males in the Presence of Layoffs and Uncertain Job Offers
AbstractThis paper presents a utility maximization model of workers who make decisions to work or not over a lifetime. The objective is to maximize the presented discounted value of utility arising from the participation decisions. In addition to duration dependence introduced through time-variant job offer and layoff probabilities, state dependence enters the model by the existence of a different risk while working, namely, the dismissal risk, than the one while not working, namely, the possibility of no job offers. A dynamic programming algorithm is solved and estimated within a maximum likelihood routine, with data from the National Longitudinal Surveys youth cohort.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Journal of Human Resources.
Volume (Year): 24 (1989)
Issue (Month): 2 ()
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Web page: http://jhr.uwpress.org/
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