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Estimates of the Effect of Wages on Job Satisfaction

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Author Info
Arnaud Chevalier
Reamonn Lydon

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Abstract

Empirical studies on job satisfaction have relied on two hypotheses: firstly, that wages are exogenous in a job satisfaction regression and secondly, that appropriate measures of relative wage can be inferred. In this paper we test both assumptions using two cohorts of UK university graduates. We find that controlling for endogeneity, the direct wage effect on job satisfaction doubles. Several variables relating to job match quality also impact on job satisfaction. Graduates who get good degrees report higher levels of job satisfaction, as do graduates who spend a significant amount of time in job search. Finally we show that future wage expectations and career aspirations have a significant effect on job satisfaction and provide better fit than some ad-hoc measures of relative wage.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0531.

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Date of creation: May 2002
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Handle: RePEc:cep:cepdps:dp0531

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  1. Charles F. Manski, 1993. "Adolescent Econometricians: How Do Youth Infer the Returns to Schooling?," NBER Chapters, in: Studies of Supply and Demand in Higher Education, pages 43-60 National Bureau of Economic Research, Inc. [Downloadable!]
  2. Clark, Andrew E. & Oswald, Andrew J., 1996. "Satisfaction and comparison income," Journal of Public Economics, Elsevier, vol. 61(3), pages 359-381, September. [Downloadable!] (restricted)
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  3. Newey, Whitney K., 1987. "Efficient estimation of limited dependent variable models with endogenous explanatory variables," Journal of Econometrics, Elsevier, vol. 36(3), pages 231-250, November. [Downloadable!] (restricted)
  4. Levy-Garboua, Louis & Montmarquette, Claude, 2004. "Reported job satisfaction: what does it mean?," The Journal of Socio-Economics, Elsevier, vol. 33(2), pages 135-151, April. [Downloadable!] (restricted)
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  5. Freeman, Richard B, 1978. "Job Satisfaction as an Economic Variable," American Economic Review, American Economic Association, vol. 68(2), pages 135-41, May. [Downloadable!] (restricted)
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  6. Easterlin, Richard A, 2001. "Income and Happiness: Towards an Unified Theory," Economic Journal, Royal Economic Society, vol. 111(473), pages 465-84, July. [Downloadable!] (restricted)
  7. Idson, Todd L, 1990. "Establishment Size, Job Satisfaction and the Structure of Work," Applied Economics, Taylor and Francis Journals, vol. 22(8), pages 1007-18, August.
  8. Clark, Andrew E., 1997. "Job satisfaction and gender: Why are women so happy at work?," Labour Economics, Elsevier, vol. 4(4), pages 341-372, December. [Downloadable!] (restricted)
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  9. Battu, H. & Belfield, C. R. & Sloane, P. J., . "Overeducation Among Graduates: A Cohort View," Working Papers 98-03, Department of Economics, University of Aberdeen. [Downloadable!]
  10. Jeff E. Biddle & Daniel S. Hamermesh, 1998. "Beauty, Productivity and Discrimination: Lawyers' Looks and Lucre," NBER Working Papers 5366, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Groot, Wim & Maassen van den Brink, Henriette, 1999. "Job satisfaction and preference drift1," Economics Letters, Elsevier, vol. 63(3), pages 363-367, June. [Downloadable!] (restricted)
  12. Hausman, J. A. & Abrevaya, Jason & Scott-Morton, F. M., 1998. "Misclassification of the dependent variable in a discrete-response setting," Journal of Econometrics, Elsevier, vol. 87(2), pages 239-269, September. [Downloadable!] (restricted)
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  1. McCausland, David & Pouliakas, Konstantinos & Theodossiou, Ioannis, 2005. "Some are Punished and Some are Rewarded: A Study of the Impact of Performance Pay on Job Satisfaction," MPRA Paper 14243, University Library of Munich, Germany. [Downloadable!]
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  2. Steve Bradley & Jim Taylor & Anh Ngoc Nguyen, 2003. "Relative pay and job satisfaction: some new evidence," Working Papers 000187, Lancaster University Management School, Economics Department. [Downloadable!]
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  3. Sánchez Cañizares, Sandra Mª & Artacho Ruiz, Carlos & Fuentes García, Fernando J. & López-Guzmán Guzmán,Tomás J., 2007. "Análisis de los determinantes estructurales de la satisfacción laboral. Aplicación en el sector educativo/Analizing the Structural Determinants of Job Satisfaction. An Application in the Educationa," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 819 - 34 , Diciembre. [Downloadable!] (restricted)
  4. Federica Origo & Laura Pagani, 2006. "Is Work Flexibility a Stairway to Heaven? The Story Told by Job Satisfaction in Europ," Working Papers 97, University of Milano-Bicocca, Department of Economics, revised Jun 2006. [Downloadable!]
  5. Maximo Rossi & Marisa Bucheli, 2004. "The level of satisfaction with life: evidence gathered among women from Greater Montevideo," Microeconomics 0407012, EconWPA. [Downloadable!]
  6. Vicente Royuela & Jordi Suriñach, 2009. "Quality in work and aggregate productivity," IREA Working Papers 200901, University of Barcelona, Research Institute of Applied Economics, revised Jan 2009. [Downloadable!]
  7. Edvard Johansson, 2004. "Job Satisfaction in Finland - Some results from the European Community Household Panel 1996-2001," Discussion Papers 958, The Research Institute of the Finnish Economy. [Downloadable!]
  8. Konstantinos Pouliakas & Ioannis Theodossiou, 2005. "Socio-Economic Differences in the Perceived Quality of High and Low-Paid Jobs in Europe," Labor and Demography 0506002, EconWPA. [Downloadable!]
  9. Steve Bradley & Jim Taylor & Anh Ngoc Nguyen, 2003. "Job autonomy and job satisfaction: new evidence," Working Papers 000192, Lancaster University Management School, Economics Department. [Downloadable!]
  10. Philip Stevens, 2005. "The job satisfaction of English academics and their intentions to quit academe," Labor and Demography 0512005, EconWPA. [Downloadable!]
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