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Hedonic Wages and Labor Market Search

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Author Info
Hwang, Hae-shin
Mortensen, Dale T
Reed, W Robert

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Abstract

This article investigates the consequences of labor-market search for the theory of hedonic wages. The authors find that the introduction of search has surprising consequences for the theory of hedonic wages. In particular, they demonstrate that the equilibrium distribution of wage and nonwage amenity bundles generally bears little resemblance to workers' underlying preferences. A consequence of this analysis is that estimates of workers' marginal willingness to pay, derived from the conventional hedonic wage methodology, are biased. In addition, the authors demonstrate that search generates differences between firm-level and employee-level data that can cause substantial deviations in the estimates of hedonic wage equations. Copyright 1998 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 16 (1998)
Issue (Month): 4 (October)
Pages: 815-47
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Handle: RePEc:ucp:jlabec:v:16:y:1998:i:4:p:815-47

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  2. Alan Manning, 2003. "The Real Thin Theory: Monopsony in Modern Labour Markets," CEP Discussion Papers dp0564, Centre for Economic Performance, LSE. [Downloadable!]
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  3. Scott Stern, 1999. "Do Scientists Pay to Be Scientists?," NBER Working Papers 7410, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Ponzo, Michela, 2009. "On-the-job Search in Italian Labour Markets: An Empirical Analysis," MPRA Paper 15476, University Library of Munich, Germany. [Downloadable!]
  5. Petri Böckerman & Pekka Ilmakunnas, 2005. "Job disamenities, job satisfaction, and on-the-job search: is there a nexus?," Labor and Demography 0501002, EconWPA. [Downloadable!]
  6. Ommeren, Jos van & Berg, Gerard J. van den & Gorter, Cees, 1998. "Estimating the marginal willingness to pay for commuting," Serie Research Memoranda 0046, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
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  7. Böckerman, Petri & Ilmakunnas, Pekka, 2007. "Job disamenities, job satisfaction, quit intentions, and actual separations: putting the pieces together," MPRA Paper 3245, University Library of Munich, Germany. [Downloadable!]
  8. StÈphane Bonhomme & GrÈgory Jolivet, 2009. "The pervasive absence of compensating differentials," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(5), pages 763-795. [Downloadable!]
  9. Ernesto Villanueva, 2004. "Compensating Wage Differentials and Voluntary Job Changes: Evidence from West Germany," Economics Working Papers 738, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  10. Sullivan, Paul, 2006. "A Dynamic Analysis of Educational Attainment, Occupational Choices, and Job Search," MPRA Paper 3896, University Library of Munich, Germany, revised Jun 2007. [Downloadable!]
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  11. Donald Boyd & Hamilton Lankford & Susanna Loeb & James Wyckoff, 2003. "Analyzing the Determinants of the Matching Public School Teachers to Jobs: Estimating Compensating Differentials in Imperfect Labor Markets," NBER Working Papers 9878, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Alok Kumar, 2008. "Capital Tax, Minimum Wage, and Labor Market Outcomes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 133-154, January. [Downloadable!] (restricted)
  13. Petri Böckerman & Pekka Ilmakunnas, 2005. "Do Job Disamenities Raise Wages or Ruin Job Satisfaction?," Labor and Demography 0501001, EconWPA. [Downloadable!]
  14. Joseph G. Altonji & Emiko Usui, 2005. "Work Hours, Wages, and Vacation Leave," NBER Working Papers 11693, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Kevin Lang & Sumon Majumdar, 2003. "The Pricing of Job Characteristics When Markets Do Not Clear: Theory and Implications," NBER Working Papers 9911, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Paul Frijters, 2001. "Unemployment benefits and educational choices," Paul Frijters Discussion Papers 2001, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  17. Ed Nosal & Peter Rupert, 2003. "How amenities affect job and wage choices over the life cycle," Working Paper 0302, Federal Reserve Bank of Cleveland. [Downloadable!]
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  18. Marloes de Graaf-Zijl, 2005. "Compensation of On-call and Fixed-term Employment: the Role of Uncertainty," Tinbergen Institute Discussion Papers 05-120/3, Tinbergen Institute. [Downloadable!]
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