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| Arbeitszeit |
| Freie Schlagwörter (Englisch): |
| precautionary saving , labor supply , intertemporal substitution , experiment |
| Institut: |
| Institut für Volkswirtschaftslehre |
| DDC-Sachgruppe: |
| Wirtschaft |
| Dokumentart: |
| ResearchPaper |
| Schriftenreihe: |
| Hohenheim discussion papers in business, economics and social sciences |
| Bandnummer: |
| 2020,04 |
| Sprache: |
| Englisch |
| Erstellungsjahr: |
| 2020 |
| Publikationsdatum: |
| 02.04.2020 |
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Veröffentlichungsvertrag mit der Universitätsbibliothek Hohenheim
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| Kurzfassung auf Englisch: |
| In the past years, work time in many industries has become increasingly flexible opening up a new channel for intertemporal substitution. To study this, we set up a two-period model with wage uncertainty. This extends the standard saving model by allowing a worker to allocate a fixed time budget between two work shifts or to save. To test the existence of these channels, we conduct laboratory consumption/saving experiments. A novel feature of our experiments is that we tie them to a real-effort style task. In four treatments, we turn on and off the two channels for consumption smoothing: saving and time allocation. Our four main findings are: (i) subjects exercise more effort under certainty than under risk; (ii) savings are strictly positive for at least 85 percent of subjects (iii) a majority of subjects uses time allocation to smooth consumption; (iv) saving and time shifting are substitutes, though not perfect substitutes. |
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