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An Empirical Study into the Determinants of an Individuals Supply of Labour
- Essay length: 6004 words
- Submitted: 06/07/2011
The first 200 words of this essay...
An Empirical Study into the Determinants of an Individual's Supply of Labour
Why does a person work the number of hours that they do? This has been a question of much research over many years by labour economists. It is a question which has important policy implications for government as to how much they should tax workers income, how high they should set the minimum wage and whether to impose a maximum working week. The information would also be useful to firms in the interests of setting suitable wages and other working conditions.
I aim to answer the question of the determinants of the number of hours worked by individuals. The data I will use for analysis purposes is a condensed dataset of the survey results of wave 15 of the British Household Panel Survey [BHPS] (2005). This survey is conducted annually amongst over 15,000 individuals by ISER at the University of Essex.
Figure 1: Work-Leisure Trade-Off
In Figure 1 an individual faces a choice in the time they allocate for leisure and work day to day. Individuals are assumed in economics to be utility maximising hence the
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