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Perceived job insecurity and well-being revisited: Towards conceptual clarity

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  • Geishecker, Ingo
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    Abstract

    This paper analyzes the impact of job insecurity perceptions on individual well-being. While previous studies on the subject have used the concept of perceived job insecurity rather arbitrarily, the present analysis explicitly takes into account individual perceptions about both the likelihood and the potential costs of job loss. We demonstrate that any model assessing the impact of perceived job insecurity on individual well-being potentially suffers from simultaneity bias yielding upward-biased coefficients. When applying our concept of perceived job insecurity to concrete data from a large household panel survey we find the true unbiased effects of perceived job insecurity to be more than twice the size of estimates that ignore simultaneity. Accordingly, perceived job insecurity ranks as one of the most important factors in employee well-being and paradoxically can be even more harmful than actual job loss with subsequent unemployment. --

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    File URL: http://econstor.eu/bitstream/10419/41578/1/614464528.pdf
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    Bibliographic Info

    Paper provided by University of Goettingen, Department of Economics in its series Center for European, Governance and Economic Development Research Discussion Papers with number 90.

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    Date of creation: 2009
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    Handle: RePEc:zbw:cegedp:90

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    Related research

    Keywords: job security; life satisfaction; unemployment;

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    1. Kleibergen, Frank & Paap, Richard, 2006. "Generalized reduced rank tests using the singular value decomposition," Journal of Econometrics, Elsevier, vol. 133(1), pages 97-126, July.
    2. Andrew Clark, 2001. "Unemployment As A Social Norm: Psychological Evidence from Panel Data," DELTA Working Papers 2001-17, DELTA (Ecole normale supérieure).
    3. Keith Bender & Peter Sloane, 1999. "Trade union membership, tenure and the level of job insecurity," Applied Economics, Taylor & Francis Journals, vol. 31(1), pages 123-135.
    4. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053, October.
    5. Ferrie, Jane E. & Shipley, Martin J. & Newman, Katherine & Stansfeld, Stephen A. & Marmot, Michael, 2005. "Self-reported job insecurity and health in the Whitehall II study: potential explanations of the relationship," Social Science & Medicine, Elsevier, vol. 60(7), pages 1593-1602, April.
    6. Linz, Susan J. & Semykina, Anastasia, 2008. "How do workers fare during transition? Perceptions of job insecurity among Russian workers, 1995-2004," Labour Economics, Elsevier, vol. 15(3), pages 442-458, June.
    7. Andrew Benito, 2004. "Does job insecurity affect household consumption?," Bank of England working papers 220, Bank of England.
    8. Schmidt, Stefanie R, 1999. "Long-Run Trends in Workers' Beliefs about Their Own Job Security: Evidence from the General Social Survey," Journal of Labor Economics, University of Chicago Press, vol. 17(4), pages S127-41, October.
    9. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
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