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The Time and Timing Costs of Market Work, and their Implications for Retirement

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  • Hamermesh, Daniel S.

    (University of Texas at Austin)

Abstract

Retirement ages among older Americans have only recently begun to increase after a precipitous fifty-year decline. Early retirement may result from incentives provided by retirement systems; but it may also result from the rigidities imposed by market work schedules. Using the American Time Use Survey of 2003 and 2004, I first examine whether additional market work is neutral with respect to the mix of non-market activities. The estimates indicate that there are fixed time costs of remaining in the labor market that alter the pattern of non-market activities, reducing leisure time and mostly increasing time devoted to household production. Market work also alters the timing of a fixed amount of non-market activities during the day, away from the schedule chosen when timing constraints imposed by market work do not exist. All of these effects are mitigated by higher family income, presumably because higher-income people can purchase market substitutes that enable them to overcome the fixed time costs of market work.

Suggested Citation

  • Hamermesh, Daniel S., 2006. "The Time and Timing Costs of Market Work, and their Implications for Retirement," IZA Discussion Papers 2030, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp2030
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    References listed on IDEAS

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    1. Cristina Carrasco & Lina Gálvez Muñoz & Yolanda Jubeto, 2016. "Presentación. La economía feminista en diálogo con otras perspectivas críticas," Revista de Economia Critica, Universidad Pablo de Olavide y Asociacion de Economia Critica, vol. 22, pages 88-91.
    2. Reuben Gronau & Daniel S. Hamermesh, 2008. "The Demand for Variety: A Household Production Perspective," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 562-572, August.
    3. Cogan, John F, 1981. "Fixed Costs and Labor Supply," Econometrica, Econometric Society, vol. 49(4), pages 945-963, June.
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    6. Hamermesh, Daniel S, 1999. "The Timing of Work over Time," Economic Journal, Royal Economic Society, vol. 109(452), pages 37-66, January.
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    Keywords

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    JEL classification:

    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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