Cover: A Contribution to Mathematical Labor Theory.

A Contribution to Mathematical Labor Theory.

by Robert Shishko

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A theoretical question which recently arose in Rand's manpower research concerns how an individual's reservation wage for a second job changes as his first job wage rate changes but his first job hours are contractually fixed. The answer depends on how the MRS of the utility function changes along the vertical L=L sub zero, where L is leisure. A sufficient condition for the MRS to increase along this vertical is given by an expression involving the partials of the utility function which can easily be written as a determinant. The sign of this determinant is unaffected by any order-preserving transformation of the utility function. 11 pp. (Author)

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