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Pinning down the value of statistical life

Kniesner, Thomas J.; Viscusi, William Kip; Woock, … - 2007

Our research addresses fundamental long-standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates from about $0.5 million to about $21...

Persistent link: https://www.econbiz.de/10010277313

Wage differentials discrimination and inequality: a cautionary note on the Juhn, Murphy and Pierce decomposition method

Yun, Myeong-Su - 2007

This paper shows how difficult it is to study the roles of discrimination and unobserved skills when studying changes in racial and gender wage gaps over time by examining merits and shortcomings of a popular decomposition method by Juhn, Murphy and Pierce (1991). The JMP method shows that wage...

Persistent link: https://www.econbiz.de/10010277318

Multivariate decomposition for hazard rate models

Powers, Daniel A.; Yun, Myeong-Su - 2009

We develop a regression decomposition technique for hazard rate models, where the difference in observed rates is decomposed into components attributable to group differences in characteristics and group differences in effects. The baseline hazard is specified using a piecewise constant...

Persistent link: https://www.econbiz.de/10010277331

The efficiency wages Phillips curve: Closed economy versus open economy

Vaona, Andrea - 2011

The paper extends the efficiency wages Phillips curve from a closed economy context to an open economy one with both commodity trade and capital mobility. Opening the trade account does not alter the slope of the Phillips curve, but it makes its position a function of the change of foreign and...

Persistent link: https://www.econbiz.de/10010277343

Four variations on fair wages and the Phillips curve

Vaona, Andrea - 2011

The present paper explores the connection between inflation and unemployment in different models with fair wages both in the short and in the long runs. Under customary assumptions regarding the sign of the parameters of the effort function, more inflation lowers the unemployment rate, though to...

Persistent link: https://www.econbiz.de/10010277344

Manufacturers and retailers in the global economy

Raff, Horst; Schmitt, Nicolas - 2011

We develop a general-equilibrium model to capture key features of the retailing and of the manufacturing industry in order to understand how these two industries interact and how labor is allocated between them. We show that the observed shift in employment from manufacturing to retailing, the...

Persistent link: https://www.econbiz.de/10010277350

Money illusion and the long-run Phillips curve in staggered wage setting models

Vaona, Andrea - 2011

We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money...

Persistent link: https://www.econbiz.de/10010277352

Symmetric and asymmetric committees

Ben-Yashar, Ruth; Danziger, Leif - 2011

This paper studies the assignment of decision makers to two committees that make decisions by a simple majority rule. There is an even number of decision makers at each of various skill levels and each committee has an odd number of members. Surprisingly, even with the symmetric assumptions in...

Persistent link: https://www.econbiz.de/10010277358

Formal contracts, relational contracts, and the threat-point effect

Itoh, Hideshi; Morita, Hodaka - 2011

delivery is of value even when relation-specific investment is purely cooperative. In particular, there is a range of parameter … values in which a higher investment can be implemented only if a formal fixed-price contract is written and combined with an … negative, i.e., the relation-specific investment decreases the surplus under no trade. This possibility, although very …

Persistent link: https://www.econbiz.de/10010277359

Product quality, informality, and child labour

Fotoniata, Eugenia; Moutos, Thomas - 2011

This paper studies the interactions between the structure of product demand, relative wages, and the allocation of economic activity across two sectors. The agrarian sector produces a homogeneous good and consists of informal firms employing adults and children. The modern sector produces a...

Persistent link: https://www.econbiz.de/10010277363