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Acquisition of skills, education subsidies, and agglomeration of firms

Toulemonde, Eric - 2003

An analytically solvable model of new economic geography is developed. Acquisition of skills is costly for workers but it allows them to earn wages that are larger than those of the unskilled. Moreover, skills acquisition can be subsidized by a regional government. For large transport costs,...

Persistent link: https://www.econbiz.de/10010261642

Earnings instability of job stayers and job changers

Leonardi, Marco - 2003

I use the PSID to decompose the rise in wage inequality into a permanent and a transitory component. I consider separately job stayers and job changers. I find that earnings instability (the variance of the transitory component of earnings) increased much more among job changers than among job...

Persistent link: https://www.econbiz.de/10010261646

Potential, prizes and performance : testing tournament theory with professional tennis data

Sunde, Uwe - 2003

This paper tests two hypotheses from the theory of elimination tournaments: (i) that uneven tournaments, where the … contestants are ex ante heterogeneous, entail lower effort exertion; this is a prediction from agency theory that has not been … underlies any agency theory about elimination tournaments, and has been empirically tested in other contexts. The evidence …

Persistent link: https://www.econbiz.de/10010261647

Minimum wage effects on labor market outcomes under search with bargaining

Flinn, Christopher J. - 2003

Building upon a continuous-time model of search with Nash bargaining in a stationary environment, we analyze the effect of changes in minimum wages on labor market outcomes and welfare. While minimum wage increases invariably lead to employment losses in our model, they may be welfare-improving...

Persistent link: https://www.econbiz.de/10010261648

Raising female employment : reflexions and policy tools

Garibaldi, Pietro; Wasmer, Etienne - 2003

While there is consensus on the need to raise the time spent in the market by European women, it is not clear how these goals should be achieved. Tax wedges, assistance in the job search process, and part-time jobs are policy instruments that are widely debated in policy circles. The paper...

Persistent link: https://www.econbiz.de/10010261649

Risky human capital investment, income distribution, and macroeconomic dynamics

Grossmann, Volker - 2003

This paper analyzes the interaction between intergenerational wealth transmission, human capital investments under uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It demonstrates how the role of the personal income...

Persistent link: https://www.econbiz.de/10010261651

Generational accounting, solidarity and pension losses

Teulings, Coen N.; de Vries, Casper G. - 2003

resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the …

Persistent link: https://www.econbiz.de/10010261654

Labor and the Market Value of the Firm

Merz, Monika; Yashiv, Eran - 2003

What role does labor play in firms? market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction being...

Persistent link: https://www.econbiz.de/10010261658

Optimal taxation with capital accumulation and wage bargaining

Palokangas, Tapio - 2003

This study examines optimal taxation in a unionized economy in which households save capital. The main findings are as follows. Judd?s (1985) and Chamley?s (1986) classical results of zero taxation on capital income holds. This is true independently of workers? savings behaviour or the...

Persistent link: https://www.econbiz.de/10010261659

An Experimental Investigation of the Role of Errors for Explaining Violations of Expected Utility

Neugebauer, Tibor; Schmidt, Ulrich - 2003

One possible conclusion from recent experimental research on decision making under risk is that observed behaviour can be reasonable accommodated by expected utility plus an error term. This conclusion implies that the violation rate of expected utility should decrease if errors are excluded....

Persistent link: https://www.econbiz.de/10010261667