Labor Supply, Flexible Hours and Real Estate Agents

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Daniel T. Winkler, Professor (Creator)
The University of North Carolina at Greensboro (UNCG )
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Abstract: 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.

Additional Information

Real Estate Economics 37(4), 747-767
Language: English
Date: 2009
Real Estate Agents, Employment, Full-time Work, Part-time Work, Income

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