#frisch_elasticity_of_labor_supply
Frisch elasticity of labor supply
The Frisch elasticity of labor supply captures the elasticity of hours worked to the wage rate, given a constant marginal utility of wealth. Marginal utility is constant for risk-neutral individuals according to microeconomics. In other words, the Frisch elasticity measures the substitution effect of a change in the wage rate on labor supply. This concept was proposed by the economist Ragnar Frisch after whom the elasticity of labor supply is named.
Mon 27th
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