Rationing and the Supply of Labor: An Econometric Approach |
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1972 the proportion actual hours after-tax wage approach to rationing assumed CATHERWOOD LIBRARY claim coefficients constrained in 1971 contract theory dependent variable desired labor supply difference between predicted dummy variable coded error term errors in parenthesis estimating labor supply Full Sample greater than actual ignoring the rationing inequality information Keynesian labor force labor market labor supply equation labor supply function labor supply studies least squares estimates likelihood function maximum likelihood estimates mean difference non-rationed number of children number of hours P(XB Percent of Sample predict desired hours predicted and actual predicted hours greater Princeton University PSID rationed workers rationing problem regressions Sample Never Section significantly different standard errors Table taste for leisure test results based tests for rationing truly rationed truncating underemployed and unemployed Underemployed in 1971 unearned income Unem unemployed and overemployed unemployed or underemployed unmeasured taste differences wage and unearned