Labor Supply, Flexible Hours and Real Estate Agents

John D. Benjamin, Peter Chinloy and Daniel T. Winkler

Real Estate Economics, 2009, vol. 37, issue 4, 747-767

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.

Date: 2009
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