Estimation of the Economic Opportunity Cost of Labor: An Operational guide for Ghana

Abdallah Othman (), Mikhail Miklyaev and Glenn Jenkins ()
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Abdallah Othman: Cambridge Resources International Inc.
Authors registered in the RePEc Author Service: Pejman Bahramian

No 2022-07, Development Discussion Papers from JDI Executive Programs

Abstract: This report employs the supply price approach to the estimation of the economic opportunity cost of labor (EOCL) for a number of labor market situations in Ghana. This is applied as an instrument for the economic evaluation of public projects to be implemented. The relevant literature refers to the significant heterogeneity of labor, which leads to a consideration of different types of labor. Accordingly, the EOCL will vary by skill, location, and labor market conditions, and these factors need to be incorporated in its estimation. In this analysis, the estimation has been carried out to quantify the EOCL and the conversion factor corresponding to the two types of labor: skilled and unskilled. Furthermore, these estimates refer to groups of labor according to areas of residence (urban/rural).

Keywords: Economic Cost; Labor; Supply Price; Protected Wage; Investment Appraisal (search for similar items in EconPapers)
JEL-codes: H43 J43 (search for similar items in EconPapers)
Pages: 39 Pages
Date: 2022-04-18
New Economics Papers: this item is included in nep-lma
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Related works:
Journal Article: Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana (2023)
Working Paper: Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana (2023)
Working Paper: Estimation of the Economic Opportunity Cost of Labour: An Operational Guide for Ghana (2023)
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