@article{Farzin:190910,
      recid = {190910},
      author = {Farzin, Y. Hossein and Akao, Ken-Ichi},
      title = {Non-pecuniary Work Incentive and Labor Supply},
      address = {2005-09},
      number = {1570-2016-133555},
      series = {Working Paper},
      pages = {33},
      year = {2005},
      abstract = {Recognizing that people value employment not only to earn  income to satisfy their
consumption needs, but also as a  means to gain socio-psychological (nonpecuniary) benefits,  we
show that once nonpecuniary work incentives are  incorporated into standard labor supply theory, (i)
the  wage rate under-estimates (over-estimates) the true value  of nonwork/leisure time when work has
nonpecuniary benefits  (costs), (ii) nonpecuniary benefits can be a substitute for  monetary wages as
work incentives, (iii) at very low wage  rates, work can become a net source of utility, and (iii)  the
shape of labor supply curve differs from standard  theory. We also identify conditions under which a
greater  nonpecuniary work incentive generates a larger individual  labor supply, and examine the
effects of non-wage income on  labor supply both for paid and voluntary work.},
      url = {http://ageconsearch.umn.edu/record/190910},
      doi = {https://doi.org/10.22004/ag.econ.190910},
}