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Empirical Tests of Efficiency Wage Models

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  • Huang, Tzu-Ling, et al
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    Abstract

    Two-digit manufacturing industry-level production functions are used to test efficiency wage propositions. Conclusive tests require functional forms which allow differences in elasticities of substitution between observable human capital, wage premia, and other inputs. Results demonstrate that unexplained industry wage premia and higher unemployment rates raise productivity. Wage premia and the human capital wage component cannot be aggregated into a single human capital index. Nevertheless, 88 percent of the productivity effect associated with industry wages can be tied to observable human capital in the industry, with only 12 percent associated with the wage premium. Coauthors are Arne Hallam, Peter F. Orazem, and Elizabeth M. Paterno. Copyright 1998 by The London School of Economics and Political Science

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    Bibliographic Info

    Article provided by London School of Economics and Political Science in its journal Economica.

    Volume (Year): 65 (1998)
    Issue (Month): 257 (February)
    Pages: 125-43

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    Handle: RePEc:bla:econom:v:65:y:1998:i:257:p:125-43

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    Cited by:
    1. Syed Kanwar Abbas & Asad Zaman, 2005. "Efficiency Wage Hypothesis—The Case of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 44(4), pages 1051-1066.
    2. Joydeep Bhattacharya & Shankha Chakraborty, 2005. "What do information frictions do?," Economic Theory, Springer, vol. 26(3), pages 651-675, October.
    3. Carter, Thomas J., 2005. "Money and efficiency wages: the neglected effect of employment on efficiency," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(2), pages 199-209, March.
    4. Fallahi, Firouz & Sakineh, Sojoodi & Mehin Aslaninia, Nasim, 2010. "Determinants of Labor Productivity in Iran’s Manufacturing Firms: With Emphasis on Labor Education and Training," MPRA Paper 27447, University Library of Munich, Germany.
    5. Thomas J. Carter, 2005. "Monetary Policy, Efficiency Wages, and Nominal Wage Rigidities," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 349-359, Summer.

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