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Constraints on the Choice of Work Hours: Agency Versus Specific-Capital

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  • Shulamit Kahn
  • Kevin Lang

Abstract

Lifetime contracts imply that at a given time, wages and value of marginal product (VMP) will diverge. The contract will specify hours as well as wages, since firms will desire to prevent workers from working more when the wage is greater than VMP and from working less when the wage is less than VMP. If hours are set efficiently, workers will face binding hours constraints. The agency model and the firm-specific capital models make opposite predictions regarding the relation between work hours constraints and job tenure. We test these predictions. Our results indicate that neither model explains the observed pattern of hours constraints.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

Volume (Year): 27 (1992)
Issue (Month): 4 ()
Pages: 661-678

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Handle: RePEc:uwp:jhriss:v:27:y:1992:i:4:p:661-678

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Web page: http://jhr.uwpress.org/

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Cited by:
  1. Martinez-Granado, Maite, 2005. "Testing labour supply and hours constraints," Labour Economics, Elsevier, vol. 12(3), pages 321-343, June.
  2. Li, Haizheng & Zax, Jeffrey S., 2003. "Labor supply in urban China," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 795-817, December.
  3. Gautam Bose & Kevin Lang, 2011. "A Theory of Monitoring and Internal Labor Markets," NBER Working Papers 17623, National Bureau of Economic Research, Inc.
  4. Kessing, Sebastian G. & Konrad, Kai A., 2005. "Union strategy and optimal income taxation," Discussion Papers, Research Unit: Market Processes and Governance SP II 2005-04, Social Science Research Center Berlin (WZB).
  5. Usui, Emiko, 2009. "Wages, non-wage characteristics, and predominantly male jobs," Labour Economics, Elsevier, vol. 16(1), pages 52-63, January.
  6. KURODA Sachiko & YAMAMOTO Isamu, 2011. "Firm's demand for work hours: Evidence from multi-country and matched firm-worker data," Discussion papers 11024, Research Institute of Economy, Trade and Industry (RIETI).
  7. Joseph G. Altonji & Emiko Usui, 2005. "Work Hours, Wages, and Vacation Leave," NBER Working Papers 11693, National Bureau of Economic Research, Inc.
  8. Yi-Ping Tseng & Mark Wooden, 2005. "Preferred vs Actual Working Hours in Couple Households," Melbourne Institute Working Paper Series wp2005n07, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.

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