The research reported here examines the role of psychological expectancies as labor market supply characteristics of black and white men and women. Secondary analyses are carried out on data provided by the Survey Research Center 1972 national probability sample of adults 18 years and older drawn for the presidential election study. The report focuses on race and sex differences in previous labor market experiences, the relationship of these past experiences to current employment expectancies and general feelings of efficacy, and finally the effects of both market experiences and expectancies on current behavior. Psychological expectancies are emphasized as the elements of motivation that should have unusual significance for understanding the dynamics of race and sex discrimination in the labor market. There are five major chapters. Chapter 1 describes the sample and measures used in the analyses reported here. Chapter 2 describes the market experiences, perception of obstacles, and current expectancies of black and white men and women. Chapter 3 examines the interrelationships of these variables with particular focus on the effects of years of schooling and previous market experiences on current expectancies. Chapter 4 presents a general causal model in which expectancies are viewed as intervening influences between current market outcomes and variables at two earlier stages, original educational attainment at stage one and subsequent market experience at stage two. Three types of current market outcomes are analyzed with application of the model to the job status of blacks and whites, to women's and men's search behavior, and to the work intentions of white housewives. Chapter 5, on implications for counseling and future research, describes the types of expectancy and experience measures and the design that will be needed to extend this line of interdisciplinary labor market research. (WL)