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Author: Thomas J. Kniesner
Publisher: Now Publishers Inc
ISBN: 1601983700
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
Author: Thomas J. Kniesner
Publisher: Now Publishers Inc
ISBN: 1601983700
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
Author: Jay G. Chambers
Publisher:
ISBN:
Category : Education
Languages : en
Pages : 48
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Book Description
Author: Thomas J. Kniesner
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 168
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Author: Seungjin Han
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Abstract This paper studies implicit pricing of non-wage job characteristics in the labor market using a two-sided matching model. It departs from the previous literature by allowing worker heterogeneity in productivity, which gives rise to a double transaction problem in a hedonic model. Deriving sufficient conditions under which assortative matching is the unique stable job-worker matching, we show that observed wage differentials between jobs reflect not only compensating wage differentials, but also worker productivity gaps between the jobs. We find that the job-worker matching pattern determines the extent to which compensating wage differentials are confounded with the worker productivity gap effect.
Author: George Edwards Johnson
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 168
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Author: Dimitrios A. Giannias
Publisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 82
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Author: Arthur Cecil Pigou
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 306
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Author: Joseph E. Stiglitz
Publisher:
ISBN:
Category : Wages
Languages : en
Pages : 64
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Book Description
This paper analyzes equilibrium in labor markets with costly search. Even in steady state equilibrium, identical labor may receive different wages; this may be the case even when the only source of imperfect information is the inequality of wages which the market is perpetuating. When there are information imperfections arising from (symmetric)differences in non-pecuniary characteristics of jobs and preferences of individuals, there will not in general exist a full employment, zero profit single wage equilibrium. There are, in general, a multiplicity of equilbria. Equilibrium may be characterized by unemployment; in spite of the presence of an excess supply of labor, no firm is willing to hire workers at a lowerwage. It knows that if it does so, the quit rate will be higher, and hence turnover costs(training costs) will be higher, so much so that profits will actually be lower. The model thus provides a rationale for real wage rigidity. The model also provides a theory of equilibrium frictional unemployment. Though the constrained optimality (taking explicitly into account the costs associated with obtaining information and search) may entail unemployment and wage dispersion, the levels of unemployment and wage dispersion in the market equilibrium will not, in general, be (constrained) optimal.
Author: Patricia Ethel Beeson
Publisher:
ISBN:
Category : Cost and standard of living
Languages : en
Pages : 36
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Author: Richard E. Quandt
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
