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Job Satisfaction and Reference Wage: Evidence for a Developing Country

  • Rodrigo Montero

    ()

    (Facultad de Economía y Empresa, Universidad Diego Portales)

  • Diego Vasquez

    (Facultad de Economía y Empresa, Universidad Diego Portales)

Using Chilean data we present evidence about the relationship between job satisfaction, own wage, and reference group wage. We conducted a semi-nonparametric estimation of extended ordered probit models in order to identify the determinants of job satisfaction. Our main result indicates that a 10 % increase in the reference group wage would need to be compensated for by a 24.9 % increase in the own wage to give the same level of job satisfaction. This result shows the enormous importance of the reference group wage for job satisfaction. Copyright Springer Science+Business Media Dordrecht 2015

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Paper provided by Facultad de Economía y Empresa, Universidad Diego Portales in its series Working Papers with number 48.

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Date of creation: Jan 2014
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Handle: RePEc:ptl:wpaper:48
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