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Pensions, Efficiency Wages, and Job Mobility

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Author Info
Alan L. Gustman
Thomas L. Steinmeier
Abstract

This paper finds that compensation premia and not pension backloading are responsible for the low mobility rates from jobs with pensions. Compensation premia, which may represent efficiency wages, are calculated as the difference in compensation between the current job and the best alternative job, allowing for the fact that such premia are observed only for job changers. The amount of pension backloading is calculated from data provided by employers to the Survey of Consumer Finances, greatly improving the precision of measurement over past efforts. This finding has important implications for labor market analysis and for policies concerning pension regulation.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2426.

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Date of creation: Nov 1987
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Handle: RePEc:nbr:nberwo:2426

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ann P. Bartel & George J. Borjas, 1977. "Middle-Age Job Mobility: Its Determinants and Consequences," NBER Working Papers 0161, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Alan B. Krueger & Lawrence H. Summers, 1987. "Reflections on the Inter-Industry Wage Structure," NBER Working Papers 1968, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Steven G. Allen & Robert L. Clark, 1987. "Pensions and Firm Performance," NBER Working Papers 2266, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Bulow, Jeremy I, 1982. "What Are Corporate Pension Liabilities?," The Quarterly Journal of Economics, MIT Press, vol. 97(3), pages 435-52, August. [Downloadable!] (restricted)
  5. Laurence J. Kotlikoff & David A. Wise, 1987. "Labor Compensation and the Structure of Private Pension Plans: Evidencefor Contractual Versus Spot Labor Markets," NBER Working Papers 1290, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Martin Segal, 1986. "Post-institutionalism in labor economics: The forties and fifties revisited," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 39(3), pages 388-403, April.
  7. Olivia S. Mitchell, 1983. "Fringe benefits and the cost of changing jobs," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 37(1), pages 70-78, October.
  8. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Chapters, in: Issues in Pension Economics, pages 283-340 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1991. "Pensions, Bonding, and Lifetime Jobs," NBER Working Papers 3688, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Brigitte C. Madrian, 1993. "Employment-Based Health Insurance and Job Mobility: Is There Evidence ofJob-Lock?," NBER Working Papers 4476, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Kenneth Trager & James Francis & Kevin SigRist, . "Florida's Public Pension Reform Debate: A Discussion of the Issues and Estimates of the Option Costs," Pension Research Council Working Papers 99-23, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  4. Edward Montgomery & Kathryn Shaw, 1992. "Pensions and Wage Premia," NBER Working Papers 3985, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Alan L. Gustman & Thomas L. Steinmeier, 1988. "An Analysis Of Pension Benefit Formulas, Pension Wealth And Incentives From Pensions," NBER Working Papers 2535, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Alan L. Gustman & Thomas L. Steinmeier, 1989. "Evaluating Pension Policies in a Model with Endogeous Contributions," NBER Working Papers 3085, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Patrick Artus, 1993. "Bien-être, croissance et systéme de retraite," Annales d'Economie et de Statistique, ADRES, issue 31, pages 05, Juillet-S. [Downloadable!]
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