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An Essay on Labor Supply Decisions and Reference Dependent Preferences

Pramanik, Subhajit (2021): An Essay on Labor Supply Decisions and Reference Dependent Preferences. Published in: International Research Journal of Modernization in Engineering Technology and Science , Vol. 4, No. 1 (11 January 2022): pp. 453-465.

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Abstract

This article presents a brief analysis of labor supply decision models using the concept of reference-dependent preference. This reference-dependent preference leads the model towards a behavioral aspect where “GainLoss utility” can be derived from standard “consumption utility” and the reference point is determined endogenously by the economic environment. At the first two sections of the article labor supply decision and reference-dependent preference has been discussed in a brief. Then three models has been discussed where the economists used the concept of reference-dependent preference to make labor supply model decisions.

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