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The Importance of Pecuniary and Non-Pecuniary Rewards in Job Choice

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Author Info

  • Elizabeth Webster

    ()
    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

  • Thea Bainger

    (Productivity Commission, Australia)

Abstract

A positive correlation between pecuniary and non-pecuniary job returns does not necessarily invalidate Adam Smith’s thesis about compensating wage differentials. Compensation should still occur within a given set of job opportunities for each individual. This paper tests empirically a model that distinguishes between factors which affect the number and types of potential jobs open to a person, and, preferences which determine the ultimate choice from these options. It was found that women, especially women with children under 18 years of age, people who are more religious and people from English speaking backgrounds appear to value non-pecuniary job advantages more highly than other groups, ceteris paribus. Other labour market characteristics, such as further schooling, and maturity appear to make people select pecuniary job rewards over intrinsic satisfaction.

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Bibliographic Info

Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number wp2001n18.

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Length: 22 pages
Date of creation: Dec 2001
Date of revision:
Handle: RePEc:iae:iaewps:wp2001n18

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Postal: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Victoria 3010 Australia
Phone: +61 3 8344 2100
Fax: +61 3 8344 2111
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Web page: http://www.melbourneinstitute.com/
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  1. Andrew Clark & Yannis Georgellis & Peter Sanfey, . "Job Satisfaction, Wage changes and Quits: Evidence from Germany," Economics and Finance Discussion Papers 98-06, Economics and Finance Section, School of Social Sciences, Brunel University.
  2. Harper, Barry, 1995. "Male Occupational Mobility in Britain," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(3), pages 349-69, August.
  3. Andrew Clark, . "Job Satisfaction and Gender. Why are Women so Happy at Work?," Economics Discussion Papers 415, University of Essex, Department of Economics.
  4. Andrew E. Clark and Andrew J. Oswald, . "Satisfaction and Comparison Income," Economics Discussion Papers 419, University of Essex, Department of Economics.
  5. Drakopoulos, S. A. & Theodossiou, I., 1997. "Job satisfaction and target earnings," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 693-704, November.
  6. George A. Akerlof & Andrew K. Rose & Janet L. Yellen, 1988. "Job Switching and Job Satisfaction in the U.S. Labor Market," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(2), pages 495-594.
  7. Richard B. Freeman, 1978. "Job Satisfaction as an Economic Variable," NBER Working Papers 0225, National Bureau of Economic Research, Inc.
  8. Boskin, Michael J, 1974. "A Conditional Logit Model of Occupational Choice," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 389-98, Part I, M.
  9. Ward, Melanie E & Sloane, Peter J, 2000. "Non-pecuniary Advantages versus Pecuniary Disadvantages; Job Satisfaction among Male and Female Academics in Scottish Universities," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(3), pages 273-303, August.
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Cited by:
  1. Petri Böckerman & Pekka Ilmakunnas, 2005. "Do Job Disamenities Raise Wages or Ruin Job Satisfaction?," Labor and Demography 0501001, EconWPA.

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