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Was Adam Smith Right After All? Another Test of the Theory of Compensating Wage Differentials
Abstract
Past attempts to estimate the magnitude of compensating wage differentials have been hindered by the biasing effects of omitted variables and measurement error. We argue that a wage change formulation, estimated with panel data that contain worker reports of their own job characteristics, reduces both of these biases. Our empirical results, based on a large panel of workers in Sweden, confirm these conjectures by giving many more reasonable coefficient estimates for a wage change equation than for a wage level formulation.
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Cited by
The value of a statistical life: A critical review of market estimates throughout the world
Viscusi, W. K., & Aldy, J. E. (2003) · Journal of Risk and Uncertainty · doi:10.1023/a:1025598106257 · Cited by 2,135
Chapter 12 The theory of equalizing differences
Rosen, S. (1986) · Handbook of Labor Economics · doi:10.1016/s1573-4463(86)01015-5 · Cited by 1,301
The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World
Viscusi, W. K. K., & Aldy, J. E. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.362840 · Cited by 508
Kilbourne, B. S., England, P., Farkas, G., Beron, K., & Weir, D. (1994) · American Journal of Sociology · doi:10.1086/230578 · Cited by 477
Unemployment: Macroeconomic Performance and the Labour Market
Layard, R., Nickell, S., & Jackman, R. (2005) · doi:10.1093/acprof:oso/9780199279166.001.0001 · Cited by 325
Metadata
- Authors
- Duncan, G. J., & Holmlund, B.
- Venue
- Journal of Labor Economics
- Publisher
- University of Chicago Press
- Published
- 1983-10
- Volume
- 1
- Issue
- 4
- Pages
- 366-379
- ISSN
- 0734-306X (ISSN-L)
- 1537-5307
- OpenAlex
- W2031210482
- Cited by
- 267
- References
- 0
- FWCI
- 30.30
- Type
- journal article
- Language
- en
- Open access
- closed
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