Using original internet-based survey data which was collected in Japan, the authors estimate the parameters of the utility functions with a social comparison using the random utility model framework. In line with classical income comparison literature, this article observes a negative effect of...

Purpose The purpose of this paper is to consider a new way of estimating the gender wage gap by introducing individual risk attitudes that is applied to representative Korean data. Design/methodology/approach The selection bias via risk attitudes results in the overestimation of this wage gap....