Frisch elasticity
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The Frisch elasticity of labor supply capture the elasticity of hours worked to wage rate, given the marginal utility of consumption unchanged. In other words, Frisch elasticity measures the substitution effect of a change in wage rate on labor supply. Named after Ragnar Frisch.
[edit] References
- Frisch, Ragnar (1932) New Methods of Measuring Marginal Utility. Tubingen: Mohr.
- Frisch, Ragnar (1959) "A complete scheme for computing all direct and cross demand elasticities in a model with many sectors". Econometrica 27:177-96. Jstor
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