influencing workers' decisions to accept or reject job offers.Increases in wealth result from savings, which may be derived from labour income, making identification of wealth effects on job preferences difficult. Thus, this article considers reactions to windfall gains (mainly from lottery winnings and inheritances). Since these windfalls are not related to labour market behaviour, they provide a source of identification for the effect of wealth on workers' job preferences.Windfall gains are used in other contexts (e.g., Imbens et al., 2001 and Kuhn et al., 2011 use US and Dutch lottery data). The impact of windfalls on the quantity of labour supply is studied by Henley (2004). Lindh and Ohlsson (1996) and Taylor (2001) study the effect of wealth on increasing self-employment. These studies do not discuss non-wage aspects of
work. Taking non-wage dimensions into account allows us to explain the small overall reaction of hours and participation to changes in wealth.Whilst we have little to say about savings, trends in inheritance wealth suggest that our analysis is increasingly relevant to understand the labour market. Differences in unearned wealth may importantly influence the allocation of more or less satisfying jobs across individuals.
influencing workers' decisions to accept or reject job offers.Increases in wealth result from savings, which may be derived from labour income, making identification of wealth effects on job preferences difficult. Thus, this article considers reactions to windfall gains (mainly from lottery winnings and inheritances). Since these windfalls are not related to labour market behaviour, they provide a source of identification for the effect of wealth on workers' job preferences.Windfall gains are used in other contexts (e.g., Imbens et al., 2001 and Kuhn et al., 2011 use US and Dutch lottery data). The impact of windfalls on the quantity of labour supply is studied by Henley (2004). Lindh and Ohlsson (1996) and Taylor (2001) study the effect of wealth on increasing self-employment. These studies do not discuss non-wage aspects ofwork. Taking non-wage dimensions into account allows us to explain the small overall reaction of hours and participation to changes in wealth.Whilst we have little to say about savings, trends in inheritance wealth suggest that our analysis is increasingly relevant to understand the labour market. Differences in unearned wealth may importantly influence the allocation of more or less satisfying jobs across individuals.
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