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The Effects of Transactions Costs on Labor Market Participation and Earnings: Evidence from Rural Philippine Markets

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Author Info

  • Leonardo A. Lanzona
  • Robert E. Evenson

    ()
    (Economic Growth Center, Yale University)

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    Abstract

    The paper aims to measure transaction costs and its effects on labor market participation and on wage earnings. The observed differences between between buying and selling prices of rice across households are used to calculate transaction costs indices for villages which are incorporated into the standard labor market participation and Mincer wage equations. The estimates indicate that transaction costs may be a source of the income differentials between (a) the landed and the landless, (b) the rural and the urban areas, and (c) the males and the females. Furthermore, biases can noted in the regression coefficients of estimates that do not control for transaction costs.

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    File URL: http://www.econ.yale.edu/growth_pdf/cdp790.pdf
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    Bibliographic Info

    Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 790.

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    Length: 25 pages
    Date of creation: Oct 1997
    Date of revision:
    Handle: RePEc:egc:wpaper:790

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    Related research

    Keywords: Transaction Costs; Labor Market Participation; Philippines;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Evenson, Robert & Roumasset, James, 1986. "MARKETS, institutions and family size in rural Philippine households," MPRA Paper 13227, University Library of Munich, Germany.
    2. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
    3. repec:phd:pjdevt:jpd_1986_vol._xiii_nos._1&2-f is not listed on IDEAS
    4. Rosenzweig, Mark R & Wolpin, Kenneth I, 1985. "Specific Experience, Household Structure, and Intergenerational Transfers: Farm Family Land and Labor Arraangements in Developing Countries," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 961-87, Supp..
    5. Otsuka, Keijiro & Hayami, Yujiro, 1988. "Theories of Share Tenancy: A Critical Survey," Economic Development and Cultural Change, University of Chicago Press, vol. 37(1), pages 31-68, October.
    6. Willis, Robert J., 1987. "Wage determinants: A survey and reinterpretation of human capital earnings functions," Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 1, chapter 10, pages 525-602 Elsevier.
    7. Eswaran, Mukesh & Kotwal, Ashok, 1985. "A Theory of Two-Tier Labor Markets in Agrarian Economies," American Economic Review, American Economic Association, vol. 75(1), pages 162-77, March.
    8. Lanzona, Leonardo A., 1998. "Migration, self-selection and earnings in Philippine rural communities," Journal of Development Economics, Elsevier, vol. 56(1), pages 27-50, June.
    9. Jacoby, Hanan G, 1993. "Shadow Wages and Peasant Family Labour Supply: An Econometric Application to the Peruvian Sierra," Review of Economic Studies, Wiley Blackwell, vol. 60(4), pages 903-21, October.
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    Cited by:
    1. Evenson, Robert E. & Kimhi, Ayal & Desilva, Sanjaya, 2000. "Supervision And Transaction Costs: Evidence From Rice Farms In Bicol, The Philippines," 2000 Annual meeting, July 30-August 2, Tampa, FL 21788, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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