Labor Supply, Flexible Hours and Real Estate Agents
Real estate agents have flexibility in choosing hours and employers. These responses are tested with a five‐equation recursive model. Agents choose between full‐ and part‐time work. The conditional wage measures productivity adjusted for self‐selection to each status. Hours worked in each status dep...
Saved in:
Published in | Real estate economics Vol. 37; no. 4; pp. 747 - 767 |
---|---|
Main Authors | , , |
Format | Journal Article |
Language | English |
Published |
Malden, USA
Blackwell Publishing Inc
01.12.2009
Blackwell Publishing Ltd |
Subjects | |
Online Access | Get full text |
Cover
Loading…
Summary: | Real estate agents have flexibility in choosing hours and employers. These responses are tested with a five‐equation recursive model. Agents choose between full‐ and part‐time work. The conditional wage measures productivity adjusted for self‐selection to each status. Hours worked in each status depend on the fitted after‐tax wage and household income, yielding flexible supply elasticities. Using a 2005 survey of 8,450 U.S. real estate agents, a year of experience raises the full‐time hourly wage by 2.5%. Conditional hours worked decline by 0.6%, implying an earnings return of 1.9% per year of experience. The labor supply elasticity for full‐time agents is 0.21; it is almost zero for part timers. |
---|---|
Bibliography: | istex:6DFF2DB3DFB2B228098E8BACADBF87F237701F44 ark:/67375/WNG-F767MXPW-Z ArticleID:REEC262 |
ISSN: | 1080-8620 1540-6229 |
DOI: | 10.1111/j.1540-6229.2009.00262.x |