Luke Haywood
This paper uses panel data on jobs and windfalls to investigate the impact of wealth on job choices in a framework of multidimensional jobs. In a labour market characterised by informational frictions, windfalls (lottery wins, inheritance...) are expected to affect job durations differentially depending on job quality (here measured by subjective job satisfaction). The impact of unanticipated wealth shocks on the demand for job characteristics can be reconstructed to test the hypothesis that rich people are more interested in good quality jobs. An extension considers the relationship of endogenous changes in wealth (i.e. capital accumulation) in a qualitative labour market.
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