The Equilibrium Approach to Labor Markets
This paper exposits the modern theory of equalizing differences,viewed as optimal assignments of workers to jobs. The basic ideas are first illustrated in a simple model with binary choices of work attributes.Multinominal choices are briefly considered after that. Empirical implications are stressed, with special emphasis on elements of selectivity and stratification by tastes and technology. Applications are sketched for certain aspects of the economics of discrimination, human capital, the value of safety and the theory of implicit contracts. Issues raised by assignment stratification according to worker traits and productivities are discussed, and the principle sorting model by comparative advantageis outlined. The implied valuation system on personal traits and its relationship to factor-analytic models, as well as selectivity issues in educational and occupational choice illustrate this aspect of the theory.
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Volume (Year): 33 (1996)
Issue (Month): 99 ()
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References listed on IDEAS
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.:
- John M. Abowd & Orley Ashenfelter, 1980.
"Anticipated Unemployment, Temporary Layoffs and Compensating Wage Differentials,"
517, Princeton University, Department of Economics, Industrial Relations Section..
- John M. Abowd & Orley C. Ashenfelter, 1981. "Anticipated Unemployment, Temporary Layoffs, and Compensating Wage Differentials," NBER Chapters, in: Studies in Labor Markets, pages 141-170 National Bureau of Economic Research, Inc.
- Antos, Joseph R. & Rosen, Sherwin, 1975. "Discrimination in the market for public school teachers," Journal of Econometrics, Elsevier, vol. 3(2), pages 123-150, May.
- Linnerooth, Joanne, 1979. "The Value of Human Life: A Review of the Models," Economic Inquiry, Western Economic Association International, vol. 17(1), pages 52-74, January.
- Martin Neil Baily, 1974. "Wages and Employment under Uncertain Demand," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 37-50.
- Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
- MacDonald, Glenn M, 1982. "Information in Production," Econometrica, Econometric Society, vol. 50(5), pages 1143-62, September.
- Mortensen, Dale T., 1983.
"A welfare analysis of unemployment insurance: Variations on second-best themes,"
Carnegie-Rochester Conference Series on Public Policy,
Elsevier, vol. 19(1), pages 67-97, January.
- Dale T. Mortensen, 1983. "A Welfare Analysis of Unemployment Insurance: Variations on Second Best Themes," Discussion Papers 549, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(3), pages 369-410.
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