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Extra info for Contemporary Labor Economics
Movie tickets yield satisfaction only if one has the time to enjoy them. How does one purchase leisure or nonmarket time? In a unique way: by 4 In mathematical terms, income effect = W = constant wage. ¢H ` W < 0, where H = hours of work, Y = income, and ¢Y Chapter 2 The Theory of Individual Labor Supply 25 working fewer hours. This means that when wage rates rise, and leisure is a normal good, the income effect reduces the desired number of hours of work. 5 In the context of a wage rate increase, it evidences itself in an increase in the desired number of hours of work.
Thus “trading” income (by working fewer hours) for leisure will benefit her. These trades in effect move her down budget line HW and on to successively higher indifference curves. At point u1, all such trades are exhausted, and this individual and the market agree about the value of work (income) and leisure at the margin. As noted earlier, at u1 the MRS L, Y equals the wage rate. At this point, the individual and the market agree that the marginal hour of leisure is worth $2. Later we will note that at point b the individual will feel “overemployed” in that she can increase her total utility by working fewer hours—that is, by moving to a point such as u1 where she has more leisure and less income.
We find that N is preferable to u because it is associated with the higher indifference curve I2. In this case, the availability of a pension—for example, Social Security benefits—induces the individual to become a nonparticipant. 6(b)] leftward so that no labor is supplied at the market wage. Note that the decision to be a nonparticipant entails a reduction in money income but a more than compensating increase in leisure. The individual is better off at N than at u, even though income is reduced.