Substitution and superstars

The existing superstar model (Rosen, 1981) does not require imperfect substitutes, and the convexity of total earnings with respect to talent is due to greater output for those with more talent. Our model explains why wages would increase at an increasing rate in talent. Imperfect substitutability between non-superstars and superstars with probabilistic production results in convexity in wage rates.

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Year of publication:	2014
Authors:	Perri, Timothy
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 125.2014, 2, p. 240-242
Publisher:	Elsevier
Subject:	Superstars \| Imperfect substitutes \| Convex wages

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Type of publication:	Article
Classification:	D11 - Consumer Economics: Theory ; D31 - Personal Income, Wealth and Their Distributions ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011076547