Bounds on Elasticities With Optimization Frictions: A Synthesis of Micro and Macro Evidence on Labor Supply
中文摘要
当行为主体面临调整成本或疏忽等优化摩擦时，如何识别价格弹性？我推导了结构价格弹性的界限，该界限是所观察到的价格变动对需求的影响、价格变动幅度以及摩擦程度的函数。摩擦程度以行为主体为偏离无摩擦最优状态而愿意承受的效用损失来衡量。这些界限表明，摩擦对集约边际弹性的影响远大于对广延边际弹性的影响。我将这些界限应用于劳动供给文献。忽略用于识别集约边际劳动供给弹性的税收变动所造成的效用成本通常低于收入的1%。因此，较小的摩擦即可解释微观弹性与宏观弹性、广延边际弹性与集约边际弹性之间的差异，以及其他看似不一致的研究发现。汇总现有研究的估计结果，在考虑摩擦后，我估计集约边际的希克斯劳动供给弹性为0.33，广延边际为0.25。
Abstract
How can price elasticities be identified when agents face optimization frictions such as adjustment costs or inattention?I derive bounds on structural price elasticities that are a function of the observed effect of a price change on demand, the size of the price change, and the degree of frictions.The degree of frictions is measured by the utility losses agents tolerate to deviate from the frictionless optimum.The bounds imply that frictions affect intensive margin elasticities much more than extensive margin elasticities.I apply these bounds to the literature on labor supply.The utility costs of ignoring the tax changes used to identify intensive margin labor supply elasticities are typically less than 1% of earnings.As a result, small frictions can explain the differences between micro and macro elasticities, extensive and intensive margin elasticities, and other disparate findings.Pooling estimates from existing studies, I estimate a Hicksian labor supply elasticity of 0.33 on the intensive margin and 0.25 on the extensive margin after accounting for frictions.