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Econometric Approaches to the Specification of Life-Cycle Labour Supply and Commodity Demand Behaviour

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  • Blundell, Richard William

Abstract

Many of the recently developed alternative econometric approaches to the construction and estimation of life-cycle consistent models using individual data can be viewed as alternative choices for conditioning variables that summarise past decisions and future anticipations. By ingenious choice of this conditioning variable and by exploitation of the duality relationships between the alternative specifications, many currently available microdata sets can be used for the estimation of life-cycle consistent models. We review alternative approaches and highlight their stochastic properties and implicit preference restrictions. Indeed, empirical specifications that are parameterised in a form of direct theoretical interest often can be shown to be unnecessarily restrictive, while dual representations may provide more flexible econometric models. These results indicate the particular advantages of different types of data in retrieving life-cycle consistent preference parameters and the most appropriate and flexible econometric approach for each type of data. We develop a methodology for relaxing the intertemporal separability assumption and consider the advantages and disadvantages of alternative approaches in this framework.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 150.

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Date of creation: Jan 1987
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Handle: RePEc:cpr:ceprdp:150

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Keywords: Demand Behaviour; Intertemporal Separability; Life-Cycle Labour Supply; Panel Data; Preference Restrictions;

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Cited by:
  1. Joseph G. Altonji & Fumio Hayashi & Laurence J. Kotlikoff, 1989. "Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data," NBER Working Papers 3046, National Bureau of Economic Research, Inc.
  2. Weber, Christian E., 2002. "Intertemporal non-separability and "rule of thumb" consumption," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 293-308, March.
  3. Gong, X. & Soest, A.H.O. van, 1997. "Family Structure and Female Labour Supply in Mexico City," Discussion Paper 1997-114, Tilburg University, Center for Economic Research.
  4. Laisney, François & Pohlmeier, Winfried & Staat, Matthias, 1991. "Estimation of labour supply functions using panel data: a survey," ZEW Discussion Papers 91-05, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. Dameus, Alix & Tilley, Daniel S. & Brorsen, B. Wade, 2000. "Caribbean Demand Of U.S. And Rest-Of-The-World Starchy Food (Wheat, Rice, Corn, And Fresh Potatoes): A Restricted Source Differentiated Almost Ideal Demand System," A.E. Series 25232, Oklahoma State University, Department of Agricultural Economics.
  6. R. Blundell & M. Browning & C. Mehgir, 1989. "A Microeconomic Model of Intertemporal Substitution and Consumer Demand," Department of Economics Working Papers 1989-02, McMaster University.

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