Abstract
Work-leisure balances are beneficial to society. A partial equilibrium job search model is developed to explain desired work-leisure tradeoffs for single-job holders and multiple-job holders. Significant work-leisure mismatches are found: 63% of the observations underwork by an average of 17 hours per week, while 37% overwork by 8.5 hours. The value of leisure is approximately four times the average hourly real wage when a single job is held, and it drops by one-third when multiple jobs are held. Models ignoring possibilities of multiple jobholding overstate the elasticity of leisure and understate the value of leisure.
| Original language | English |
|---|---|
| Article number | 20230006 |
| Journal | IZA Journal of Labor Economics |
| Volume | 12 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - Dec 1 2023 |
Keywords
- employment and unemployment duration
- job search model
- multiple jobholding
- underemployment and overemployment
- value of time
- wage elasticity of labor supply
- work-leisure balance
ASJC Scopus subject areas
- Industrial relations
- Economics and Econometrics
- Organizational Behavior and Human Resource Management
