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Non-pecuniary Value of Employment and Individual Labor Supply

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Author Info

  • Y. Hossein Farzin

    (University of California)

  • Ken-Ichi Akao

    (School of Social Sciences, Waseda University)

Abstract

Recognizing that people value employment not only to earn income to satisfy their consumption needs but also as a means of community involvement that provides socio-psychological (non-pecuniary) benefits, we show that once the non-pecuniary benefits of employment are incorporated in the standard individual’s utility function, then at very low income levels employment can be a source of utility, inducing individuals to supply labor to the extent possible. We also show the conditions under which a greater non-pecuniary effect of employment generates a larger individual labor supply.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.158.

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Date of creation: Dec 2004
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Handle: RePEc:fem:femwpa:2004.158

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Keywords: Non-pecuniary effects; Employment value; Labor supply;

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Cited by:
  1. Y. Hossein Farzin & Ken-Ichi Akao, 2006. "When is it Optimal to Exhaust a Resource in a Finite Time?," Working Papers 2006.23, Fondazione Eni Enrico Mattei.
  2. Y. Hossein Farzin & Ken-Ichi Akao, 2006. "Non-pecuniary Value of Employment and Natural Resource Extinction," Working Papers 2006.24, Fondazione Eni Enrico Mattei.

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