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Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
IFN Working Paper No. 1094
Verlag: 
Research Institute of Industrial Economics (IFN), Stockholm
Zusammenfassung: 
We study the effect of wealth on labor supply using the randomized assignment of monetary prizes in a large sample of Swedish lottery players. We find winning a lottery prize modestly reduces labor earnings, with the reduction being immediate, persistent, and similar by age, education, and sex. A calibrated dynamic model of individual labor supply implies an average lifetime marginal propensity to earn out of unearned income of -0.11, and labor-supply elasticities in the lower range of previously reported estimates. The earnings response is stronger for winners than their spouses, which is inconsistent with unitary household labor supply models.
Schlagwörter: 
Labor supply
household labor supply
income effect
marginal propensity to earn
substitution effect
uncompensated elasticity
compensated elasticity
Frisch elasticity
household bargaining
unitary model of the household
self-employment
taxation
JEL: 
H20
J12
J22
J24
J26
J62
Dokumentart: 
Working Paper

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