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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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    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. 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;

    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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