Labor Supply Flexibility and Portfolio Choice

This paper develops a model showing that people who have flexibility in choosing how much to work will prefer to invest substantially more of their money in risky assets than if they had no such flexibility. Viewed in this way, labor supply flexibility offers insurance against adverse investment

本文构建了一个模型，该模型表明：在工作时长选择上具有灵活性的人群，相较于缺乏这种灵活性的人群，会更倾向于将其资金中更大比例投入风险资产。从这一角度来看，劳动供给灵活性为不利的投资提供了保障。