Labor Economics

2.

2.1.

Individual Labor Supply Theory

2.1.1.

Worker Preferences

2.1.1.1.

Utility from Consumption and Leisure

2.1.1.2.

Trade-Offs Between Work and Leisure

2.1.1.3.

Marginal Utility of Income and Leisure

2.1.2.

Indifference Curves

2.1.2.1.

Properties of Indifference Curves

2.1.2.2.

Slope and Interpretation

2.1.3.

Budget Constraint

2.1.3.1.

Wage Rate and Non-Labor Income

2.1.3.2.

Graphical Representation

2.1.3.3.

Shifts in the Budget Constraint

2.1.4.

Labor-Leisure Choice

2.1.4.1.

Individual Work Decision

2.1.4.2.

Choice of Hours Worked

2.1.4.3.

Participation Decision

2.1.5.

Reservation Wage

2.1.5.1.

Definition and Determinants

2.1.5.2.

Calculation of Reservation Wage

2.1.6.

Income and Substitution Effects

2.1.6.1.

Direction and Magnitude of Effects

2.1.6.2.

Graphical Analysis

2.1.6.3.

Wage Change Decomposition

2.2.

Individual Labor Supply Curve

2.2.1.

Derivation from Preferences and Constraints

2.2.2.

Backward-Bending Labor Supply

2.2.2.1.

Explanation and Implications

2.2.2.2.

Empirical Evidence

2.3.

Labor Supply Elasticity

2.3.1.

Definition and Measurement

2.3.2.

Factors Affecting Elasticity

2.3.3.

Short-Run vs. Long-Run Elasticity

2.4.

Extensions of Labor Supply Theory

2.4.1.

Household Production Model

2.4.1.1.

Time Allocation within the Household

2.4.1.2.

Joint Decision-Making

2.4.1.3.

Childcare and Home Production

2.4.1.4.

Decision to Work for Pay vs. at Home

2.4.1.5.

Opportunity Cost of Time

2.4.1.6.

Gender and Labor Supply

2.4.2.

Life-Cycle Labor Supply

2.4.2.1.

Changes in Labor Supply over a Lifetime

2.4.2.2.

Labor Force Participation by Age

2.4.2.3.

Retirement Decisions

2.4.2.4.

Intertemporal Labor Supply Choices

2.5.

Aggregate Labor Supply

2.5.1.

Market Labor Supply Curve

2.5.2.

Demographic Factors

2.5.3.

Labor Force Participation Rates

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1. Introduction to Labor Economics

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3. Labor Demand