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On the Determinants of the Skill Premium in Wages

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Author Info
Timo Vesala
Abstract

We study the determinants of the skill premium in a matching model where wages are set in bilateral meetings between workers and firms. As a novelty, disagreeing parties do not have to separate immediately, but they may opt to wait for competing agents to arrive. This waiting option is disproportionately valuable for high-skilled workers because they are better protected against competition. This gives rise to a wage schedule with increasing skill premia. The model can be seen to capture, e.g., the consequences of market decentralization, or deunionization, and it may help explain the observed Europe-U.S. differences in wage structure.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 164 (2008)
Issue (Month): 2 (June)
Pages: 195-210
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200806)164:2_195:otdots_2.0.tx_2-u

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Related research
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Find related papers by JEL classification:
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
J52 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Dispute Resolution: Strikes, Arbitration, and Mediation

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This page was last updated on 2009-12-10.

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