Hedonic wages and labor market search

• 成果类型: Article
• 署名作者: Hwang, HS; Mortensen, DT; Reed, WR
• 署名单位: Texas A&M University System; Texas A&M University College Station; Northwestern University; University of Oklahoma System; University of Oklahoma - Norman
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/209907
• 发表日期: 1998
• 页码: 815-847
• 关键词: willingness-to-pay; job attributes; differentials; MODEL

摘要

This article investigates the consequences of labor market search for the theory of hedonic wages. We find that the introduction of search has surprising consequences for the theory of hedonic wages. In particular, we demonstrate that the equilibrium distribution of wage and nonwage amenity bundles generally bears little resemblance to workers' underlying preferences. A consequence of this analysis is that estimates of workers' marginal willingness to pay, derived from the conventional hedonic wage methodology, are biased. In addition, we demonstrate that search generates differences between firm-level and employee-level data that can cause substantial deviations in the estimates of hedonic wage equations.