Labor Economics

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Chapter 1

Labor Supply

In this chapter we will:

  • See how people make choices between consumption, leisure and household production;
  • Know what the reservation wage is;
  • Understand why the shape of the labor supply curve results from the combination of substitution effects and income effects;
  • Learn what the wage elasticities of labor supply are;
  • Know when and why people decide to retire;
  • Master the principles guiding the econometrics of labor supply and the main empirical results;
  • Apply these principles using data and programs allowing us to replicate the main results of the paper of Blundell et al. (1998) on the estimation of labor supply elasticities;
  • Provide an overview of the result of macro and micro empirical studies on labor supply elasticities.

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Graphics of the chapter

Reproducing the figures and the main results

Chapter 1 figures

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Teaching slides

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