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A Life-Cycle Consistent Empirical Model of Family Labour Supply Using Cross-Section Data

Richard Blundell and Ian Walker
The Review of Economic Studies
Vol. 53, No. 4, Econometrics Special Issue (Aug., 1986), pp. 539-558
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2297605
Page Count: 20
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A Life-Cycle Consistent Empirical Model of Family Labour Supply Using Cross-Section Data
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Abstract

This paper estimates a utility maximising model of the joint determination of male and female labour supplies using a sample of married couples from the U.K. Family Expenditure Survey. The emphasis is on the estimation of within period preferences that are consistent with intertemporal two-stage budgeting under uncertainty. However, the approach we adopt provides an alternative method of estimating certain aspects of life-cycle behaviour to the fixed effects λ-constant approach of Heckman and MaCurdy (1980), MaCurdy (1981) and Browning, Deaton and Irish (1985). Moreover, it relaxes some of the underlying restrictions that are implicit in these λ-constant models under uncertainty.

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