2劳动经济学.ppt

2劳动经济学.ppt

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NextpageCopyright2008byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapter2TheTheoryofIndividualLaborSupplyJumptofirstpage2-2-221.TheWork-LeisureDecision:

BasicModelJumptofirstpage2-2-33Individualschoosebetweenworkandleisure.Workistimespentonapayingjob.Leisureincludesactivitieswhereoneisnotpaid.EducationRestWorkwithinthehouseholdAssumptionsJumptofirstpage2-2-44IndifferenceCurveLeisureHrIncome/day240Theindifferencecurveshowsworkandleisurecombinationsthatyieldthesameamountoftotalutility.Morehoursofleisureimpliesfewerhoursofwork.240WorkHrJumptofirstpage2-2-55NegativeslopeTokeepthelevelofutilitythesame,ifonegetmoreleisure,someofincomemustbegivenup.ConvextooriginWithlowhoursofleisure,individualsarewillingtogiveupalargeamountofincometoget1moreleisurehour.Withhighhoursofleisure,individualsarewillingtogiveupasmallamountofincometoget1moreleisurehour.IndifferenceCurvePropertiesJumptofirstpage2-2-66MarginalRateofSubstitutionLeisureIncome/day349824041Themarginalrateofsubstitution（MRS）istheamountofincomeonemustgiveuptocompensatefor1morehourifleisure.At3hoursofleisure（21hoursofwork）,onemustgiveup4unitsofincometocompensatefor1morehourofleisure.240WorkAt8hoursofleisure（16hoursofwork）,onemustgiveup1unitofincometocompensatefor1morehourofleisure.TheMRSfallsasonemovessoutheastalonganindifferencecurve.Jumptofirstpage2-2-77IndifferenceMapLeisureIncome/day240Curvesfurtherfromtheoriginindicatehigherutility.I1I2I3L2L1Y2Y1CombinationL2Y2ispreferredtocombinationL1Y1sinceonegetsbothmoreincomeandmoreleisure.Apersonwillmaximizeutilitybygettingtothehighestattainableindifferencecurve.Jumptofirstpage2-2-88Work-LeisurePreferencesLeisureIncome/day240“Leisurelovers”placeahighvalueonleisure.Thehaveasteepindifferencecurve.Theyarewillingtosacrificealargeamountofincometogetasmallincreaseinleisure.I1I2“Workaholics”placealowvalueonleisure.Thehaveaflatindifferencecurve.Theymustbegivenalargeincreaseinleisuretocompensateforasmalldecreaseinincome.IAIBJumptofirstpage2-2-99BudgetConstraintLeisureIncome/day240Thebudgetconstraintshowsthecombinationsofincomeandleisurethataworkercouldgetgivenawagerate.$120Atawagerateof$5,aworkercouldgetamaximumincomeof$120perday（$5/hour*24）.Atawagerateof$10,aworkercouldgetamaximumincomeof$240perday.Atawagerateof$15,aworkercouldgetamaximumincomeof$360perday.$240$360Theslopeofthebudgetconstraintiswagerate.Jumptofirstpage2-2-1010UtilityMaximizationLeisureIncome/day240Theoptimalorutilitymaximizingpointiswherethebudgetconstraintistangenttothehighestattainableindifferencecurve（U）.$240I1I2I316$80UAtU,theMRS（slopeoftheindifferencecurve）istheequaltothewagerate（slopeofthebudgetconstraint）AtB,theMRSisgreaterthanthewagerate.Theindividualvaluesleisuremorethanthewagerate.BAAtA,theMRSislessthanthewagerate.Theindividualvaluesleisurelessthanthewagerate.Jumptofirstpage2-2-1111BackwardBendingLaborSupplyCurveHoursofWorkWageRate240Foragivenperson,hoursofworkmayincreaseasthewageraterises.810$10$25Ifthewageraterisesfrom$10to$25perhourhoursofworkrisesfrom8to10hoursperday.Above$25perhour,hoursofworkfall.SLThebackwardbendinglaborsupplycurveistheresultoftheincomeandsubstitutioneffectsofawagechange.Jumptofirstpage2-2-1212IncomeEffectThechangeindesiredhoursofworkresultingfromachangeinincome,holdingthewageconstant.Leisureisanormalgood,sohigherincomeimpliesadesireformoreleisure（fewerhoursofwork）.Forawageincrease,incomeisraisedandsotheincomeeffectlowersdesiredworkhours.IncomeEffectJumptofirstpage2-2-1313SubstitutionEffectThechangeindesiredhoursofworkresultingfromachangeinthewagerate,holdingincomeconstant.Ahigherwagerateraisestherelativepriceofleisure.Forawageincrease,thesubstitutioneffectraisesdesiredworkhours.SubstitutionEffectJumptofirstpage2-2-1414ForWageIncreasesIfsubstitutioneffectincomeeffect,thenhoursofworkrise.Ifincomeeffectsubstitutioneffect,thenhoursofworkfall.ForWageDecreasesIfsubstitutioneffectincomeeffect,thenhoursofworkfall.Ifincomeeffectsubstitutioneffect,thenhoursofworkrise.NetEffectJumptofirstpage2-2-1515IncomeandSubstitutionEffectsLeisureIncome/day240Atawagerateof$10/hour,theoptimalhoursofleisureis16（8hoursofwork）atpointU1.$240I1I216U1Ifthewageraterisesto$15/hour,theoptimalhoursofleisureis15atpointU2.Theincomeeffect（IE）ismeasuredthroughaparallelshiftoftheoldbudgetconstraint.TheIEisfromU1toU2（from16to17hou