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

  • Leonardo A. Lanzona
  • Robert E. Evenson

    ()

    (Economic Growth Center, Yale University)

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    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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    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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    1. 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.
    2. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    3. 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.
    4. Rosenzweig, Mark R. & Wolpin, Kenneth I., 1984. "Specific Experience, Household Structure and Intergenerational Transfers: Farm Family Land and Labor Arrangements in Developing Countries," Bulletins 8432, University of Minnesota, Economic Development Center.
    5. Evenson, Robert E. & Roumasset, James A., 1986. "Markets, Institutions and Family Size in Rural Philippine Households," Philippine Journal of Development JPD 1986 Vol. XIII Nos. 1, Philippine Institute for Development Studies.
    6. 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.
    7. 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.
    8. 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.
    9. repec:phd:pjdevt:jpd_1986_vol._xiii_nos._1&2-f is not listed on IDEAS
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