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Non-pecuniary Value of Employment and Individual Labor Supply

Author

Listed:
  • 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.

Suggested Citation

  • Y. Hossein Farzin & Ken-Ichi Akao, 2004. "Non-pecuniary Value of Employment and Individual Labor Supply," Working Papers 2004.158, Fondazione Eni Enrico Mattei.
    • Handle: RePEc:fem:femwpa:2004.158
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    Citations

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    Cited by:

    1. Farzin, Y. Hossein & Akao, Ken-Ichi, 2005. "Non-pecuniary Value of Employment and Natural Resource Extinction," Working Papers 190911, University of California, Davis, Department of Agricultural and Resource Economics.
    2. Lepinteur, Anthony, 2019. "The shorter workweek and worker wellbeing: Evidence from Portugal and France," Labour Economics, Elsevier, vol. 58(C), pages 204-220.
    3. 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.

    More about this item

    Keywords

    Non-pecuniary effects; Employment value; Labor supply;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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