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Selective hiring and welfare analysis in labor market models

Merkl, Christian; van Rens, Thijs - 2012

Firms select not only how many, but also which workers to hire. Yet, in standard search models of the labor market, all workers have the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model is isomorphic to a search model under random...

Persistent link: https://www.econbiz.de/10010282188

Envy, guilt, and the Phillips curve

Ahrens, Steffen; Snower, Dennis J. - 2012

We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...

Persistent link: https://www.econbiz.de/10010282209

Dynamic skill accumulation, comparative advantages, compulsory schooling, and earnings

Belzil, Christian; Hansen, Jörgen; Liu, Xingfei - 2011

We show that a calibrated dynamic skill accumulation model allowing for comparative advantages, can explain the weak (or negative) effects of schooling on productivity that have been recently reported (i) in the micro literature on compulsory schooling, ii) in the micro literature on estimating...

Persistent link: https://www.econbiz.de/10010282223

Lagged duration dependence in mixed proportional hazard models

Picchio, Matteo - 2011

We study the non-parametric identification of a mixed proportional hazard model with lagged duration dependence when data provide multiple outcomes per individual or stratum. We show that the information conveyed by the within strata variation can be exploited to non-parametrically identify...

Persistent link: https://www.econbiz.de/10010282232

Robust standard errors in transformed likelihood estimation of dynamic panel data models

Hayakawa, Kazuhiko; Pesaran, M. Hashem - 2012

This paper extends the transformed maximum likelihood approach for estimation of dynamic panel data models by Hsiao … trivial due to the incidental parameters problem that arises, and its implications for estimation and inference. We approach …

Persistent link: https://www.econbiz.de/10010282268

Becker meets Ricardo: Multisector matching with social and cognitive skills

McCann, Robert J.; Shi, Xianwen; Siow, Aloysius; … - 2012

communicate and coordinate at lower resource cost. The theory delivers full task specialization in the labor and education markets …

Persistent link: https://www.econbiz.de/10010282273

How do informal agreements and renegotiation shape contractual reference points?

Fehr, Ernst; Hart, Oliver; Zehnder, Christian - 2011

(2008)'s theory of contractual reference points. However, existing studies ignore realistic aspects of trading relationships … suggest refinements of the theory. In particular, we find that the availability of informal agreements and ex post …

Persistent link: https://www.econbiz.de/10010282296

Bayesian procedures as a numerical tool for the estimation of dynamic discrete choice models

Haan, Peter; Kemptner, Daniel; Uhlendorff, Arne - 2012

apply Bayesian procedures as a numerical tool for the estimation of a female labor supply model based on a sample size which … assumptions which are consistent with economic theory, e.g. log-normally distributed consumption preferences, the Bayesian method … Bayesian procedures can be a beneficial tool for the estimation of dynamic discrete choice models. …

Persistent link: https://www.econbiz.de/10010282308

Laws and norms

Benabou, Roland; Tirole, Jean - 2012

This paper analyzes how private decisions and public policies are shaped by personal and societal preferences (values), material or other explicit incentives (laws) and social sanctions or rewards (norms). It first examines how honor, stigma and social norms arise from individuals' behaviors and...

Persistent link: https://www.econbiz.de/10010282313

Equilibrium unemployment and retirement

Hairault, Jean-Olivier; Langot, François; Zylberberg, Andre - 2012

necessarily welfare-optimizing in a second best world where the labor market equilibrium suffers from distortions. …

Persistent link: https://www.econbiz.de/10010282314