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LABOR-SUPPLY RESPONSE TO THE CS DIVIDEND (Vivalt RCT-calibrated)
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RCT transfer $12,000/yr -> participation -4.1pp, hours -1.35/wk
CS dividend $672/yr  =>  scale factor 0.056 (1/18 the RCT)

Scaled CS labor effects (linear scaling):
  participation: -0.23 pp
  hours:         -0.08 hrs/week  (-5 min/week)

Workers (positive wage income): 92.0M households
  of which low-wage (bottom 3 deciles): 18.7M -- where effect concentrates

Implied participation reduction: 0.23pp
  ~0.21M fewer workers if applied across all workers
  (concentrated among low-wage; the dividend un-rigs reservation wages there)

READING: at $672/yr the dividend's work-disincentive is tiny --
  about 0.23pp participation and 5 min/week,
  vs the RCT's 4.1pp at 18x the transfer. The dividend is too small to be a
  meaningful work disincentive; this is the 'not enough to stop working,
  and that's part of the point' claim, quantified.
