An Empirical Study of Labor Market Equilibrium Under Working Hours Constraints
检验了三种不同工时约束的劳动力市场中工人均衡条件的经济学预测，利用原始数据直接估计收入与闲暇的边际替代率，发现工资与边际替代率的关系符合理论预测，并探讨了对代理理论和人力资本模型的启示。
Predictions of economic theory for the equilibrium condition of workers in three labor markets with differing working hours constraints are tested. Original data allow the marginal rate of substitution of income for leisure to be estimated directly. In two markets, working hours constraints resulting from high fixed employment costs and the overtime premium, respectively, cause workers to desire fewer and more hours. In the third market (agricultural labor), constraint factors are absent. The predicted relationship between the wage and the marginal rate of substitution of income for leisure holds in each case. Implications for agency and human capital models are investigated. Additionally, in the agricultural case, preferences and equilibria are indistinguishable for legal and illegal workers. Copyright 1990 by MIT Press.