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Notes on Behavioral Economics and Labor Market Policy

Author

Listed:
  • Babcock, Linda
  • Congdon, William J
  • Katz, Lawrence F.
  • Mullainathan, Sendhil

Abstract

Labor market policies succeed or fail at least in part depending on how well they reflect or account for behavioral responses. Insights from behavioral economics, which allow for realistic deviations from standard economic assumptions about behavior, have consequences for the design and functioning of labor market policies. We review key implications of behavioral economics related to procrastination, difficulties in dealing with complexity, and potentially biased labor market expectations for the design of selected labor market policies including unemployment compensation, employment services and job search assistance, and job training.

Suggested Citation

  • Babcock, Linda & Congdon, William J & Katz, Lawrence F. & Mullainathan, Sendhil, 2012. "Notes on Behavioral Economics and Labor Market Policy," Scholarly Articles 11870387, Harvard University Department of Economics.
    • Handle: RePEc:hrv:faseco:11870387
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    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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