Wage Bargaining and the (Dynamic) Mincer Equation
AbstractThis paper shows that, if observed earnings are the result of employer-employee wage bargaining, under a set of specific assumptions, the standard static Mincer equation can be thought as a particular case of a dynamic wage equation. Particularly, we argue that the standard static Mincer equation is implicitly based on the hypothesis that the employee has full bargaining power, and provide (further) empirical evidence against this hypothesis.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 29 (2009)
Issue (Month): 3 ()
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Mincer Equation; Return to Schooling; Wage Bargaining;
Other versions of this item:
- I2 - Health, Education, and Welfare - - Education
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
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- Taylor, John B., 1999.
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in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 15, pages 1009-1050
- John B. Taylor, 1998. "Staggered Price and Wage Setting in Macroeconomics," NBER Working Papers 6754, National Bureau of Economic Research, Inc.
- Corrado Andini, 2007. "Returns to education and wage equations: a dynamic approach," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(8), pages 577-579.
- James J. Heckman & Lance J. Lochner & Petra E. Todd, 2003.
"Fifty Years of Mincer Earnings Regressions,"
NBER Working Papers
9732, National Bureau of Economic Research, Inc.
- Andini, Corrado, 2014. "Persistence Bias and Schooling Returns," IZA Discussion Papers 8143, Institute for the Study of Labor (IZA).
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