short run strategies for attracting foreign direct investment this paper empirically investigates the effectiveness and feasibility of two fdi policies fiscal incentives and deregulation aimed at improving the attractiveness of a country in the short run using disaggregated data on sales by us mnes foreign affiliates in 43 developed and developing countries over the 1982 94 period results show that the provision of fiscal incentives or the deregulation of the labour market would exert a positive impact on total fdi given the drawbacks frequently associated with the use of incentive packages economy wide policies which ease firing procedures and reduce severance payments would certainly be the best policy option this paper also highlights the different aggregation and omitted variable biases that have affected results of previous studies and provides some support to recent theoretical models of fdi by showing that third country effects and spatial interdependence influence respectively the location of export platform fdi and vertical fdi

the disposition effect and loss aversion do gender differences matter this paper analyzes gender differences in the disposition effect in an experiment based on weber and camerer 1998 the results emphasize that female investors realize less capital losses have significantly higher disposition effects and are more loss averse than men

earnings effects of labor organizations in 1890 analyzing data from extensive surveys of u s nonfarm families in 1889 90 predominantly families from eastern states the authors of this paper show that workers affiliated with labor organizations had earnings that were 22 percent higher than the earnings of other workers an effect comparable in magnitude to estimates for modern unions wage differentials varied considerably across the eight industries studied and across skill levels within each industry

contracting contingencies and single family house prices this paper investigates the relationship between single family house prices and contingent terms in contracts since contingencies create uncertainty the market should exact a price premium the results indicate that the contracting for property rights affects house prices in the predicted ways

the labor market for new ph d economists presents results from a survey of 450 new 1996 97 ph d economists providing information about employment underemployment employers work activities salaries and job satisfaction comparisons are made across ranks of the graduates ph d programs sectors of employment and subfields of economics as well as over time labor market outcomes for economists also are compared with those of seven other disciplines results indicate that a growing proportion of new economics ph d s start their careers in business or industry that an international market for new economics ph d s is evolving and that job outcomes for economists compare favorably with new ph d s in many other disciplines

determinants of scholarly productivity among male and female economists i introduction the purpose of this article is to test a model of the determinants of articles produced by male and female academics of particular interest is how article production is influenced by coauthorship institutional research orientation and gender several works have identified and demonstrated the trend toward coauthorship in economics and in other disciplines using data from the journal of economic literature heck and zaleski 1991 demonstrated that the incidence of coauthorship has increased from about 15 of total articles in 1969 to about 35 in 1989 durden and perri 1995 report that as of 1992 the proportion coauthored had grown to more than 38 hudson 1996 finds that by 1993 coauthorship rates in the journal of political economy and american economic review were 39 6 and 54 9 respectively as compared to rates of 6 and 8 in 1950 why do economists coauthor rational interest theory suggests that if scholars collaborate then there must be a utility enhancing result other things equal this could be in the form of higher salaries and increased probabilities of promotion greater access to funded research greater mobility in job markets and the like which might result if collaboration significantly increases the overall production of published papers studies by mcdowell and melvin 1983 barnett et al 1988 and piette and ross 1992 suggest that coauthorship among scholars may increase article production through the division of labor made necessary by increased complexity in the subject matter and by the need to saturate markets to increase the probability of getting papers accepted for publication laband and tollison 2000 find evidence that increasing rates of coauthorship result from the greater quantitative content of articles greater requirement for the use of sophisticated econometric techniques and the fact that cooperation is cheaper in time and other resources as compared to learning what is necessary to publish in another field or discipline hamermesh and oster 2002 discuss nonpecuniary purely consumption benefits such as the pleasure obtained from cooperation and suggest that higher levels of prestige among colleagues may also be relevant although many reasons for cooperation have been developed not much has been done to determine whether the rate of coauthorship among scholars actually affects total article production using cross section data hansen et al 1978 and graves et al 1982 estimate productivity models but coauthorship is not included in either study mcdowell and smith 1992 include a coauthorship variable but find that it neither increases nor decreases article production when articles are discounted by the number of authors hollis 2001 uses panel data to examine the relationship between coauthorship and research productivity he finds that coauthorship leads to better longer and more frequent publications when publications are discounted by the number of authors however coauthorship appears negatively related to research output mcdowell and smith s 1992 and hollis s 2001 results are very counterintuitive because a viable reason for coauthorship is to increase efficiency as shown in durden and perri 1995 durden and perri 1995 estimate a time series model finding that coauthorship is highly instrumental in determining article productivity as far as we know the only study by economists that specifically analyzes the effect of institutional research orientation on publishing output is that by graves et al 1982 using data from 240 schools they estimate total pages published per faculty member in the top 24 economics journals between 1974 78 using a series of independent variables to proxy influences that affect publication they find that secretaries per faculty member helps and teaching load hinders production the effects of ph d status teaching assistance and faculty student ratios are mixed depending on specification of the model

two to tango gender differences in the decisions to publish and coauthor i introduction there is a well developed mythology regarding the presence of old boy networks and their importance in explaining gender differences in labor market outcomes as articulated by saloner 1985 nonetheless aside from works such as simon and warner 1992 there is relatively little empirical evidence examining the impact of networks on market outcomes how these effects differ by gender and whether gender differences in network access change over time as women become more well represented in a profession the paucity of empirical evidence arises in part from the difficulty of measuring the presence of such networks prior work including that of saint paul 2001 and erickson and jacoby 2003 has found evidence that networks facilitate the adoption of team oriented work practices and information sharing that increase average worker productivity in management and professional jobs on the other hand studies such as that by marmaros and sacerdote 2002 have also found that women have less access to networks than their male counterparts in both private and public sector jobs which has been shown to yield gender differences in job placement and other labor market outcomes this article considers how gender differences in networks are manifested in a specific male dominated profession i e academic economists and in a specific work related outcome i e the decision to coauthor articles in which access to networks is likely to be important the analysis uses uniquely detailed individual and job level data for phd economists included in nearly four decades of american economic association aea membership to examine the role of networks on the joint decision to publish and coauthor the unique matching process of phd economists between academic and nonacademic jobs and within the hierarchy of academic departments along with the relative ease of observing joint research provide a rare opportunity to distinguish differential network access and measure joint production the results demonstrate the importance of networks in the production of research output and that new female entrants into a male dominated profession do not have equal access to these professional networks the results also provide evidence that women are able to plug into networks over time as the profession becomes more gender representative our study contributes to the literature on the role of networks in the labor market in several ways first the profession of academic economist is well suited to this study because it is made up of workers who produce a relatively homogenous output i e scholarly journal articles and that share a common set of job related tasks i e teaching research and service second the incidence of coauthorship is an observable outcome measure of network utilization a phenomenon inherently difficult to measure in the tradition of the business productivity literature as found in sabel 1993 third there is extensive evidence in the literature that journal publications are positively linked to academic salaries as found in siegfried and white 1973 and sauer 1988 that the propensity to coauthor is positively associated with publication output as in as found in durden and perri 1995 and maske et al 2003 that there are gender differences in tendencies to coauthor as shown by ferber and teiman 1980 and mcdowell and smith 1992 and that there are gender differences in professional outcomes such as publications salary and promotion as seen in mcdowell 1982 hansen et al 1978 formby et al 1993 and broder 1993 cumulatively these studies suggest that understanding the determinants of coauthorship is important for evaluating the sources and the extent of gender inequity in the profession prior work on coauthorship behavior has analyzed patterns over time and across disciplines several studies including hudson 1996 mcdowell and melvin 1983 and barnett et al

so you want to earn a ph d in economics how much do you think you ll make john j siegfried using data from individuals who earned a ph d in economics in 1996 97 this study identifies factors associated with securing full time permanent positions and determinants of starting salaries for new ph d economists where individuals attend graduate school and factors including the field of specialization and work as a teaching research assistant impact whether graduates obtain full time permanent jobs choice of graduate program and amount of time spent in the program influence starting salary as does obtaining a position outside academia or in a research oriented academic institution both of which entail higher salaries relative to employment at a b a level academic institution jel j44 a10 1 introduction the job market for economists continues to be the focus of empirical studies that provide information on initial job placement the market process and differential market outcomes by age sex and graduate program rank for new ph d economists carson and navarro 1988 barbezat 1992 formby et al 1993 mcmillen and singell 1994 ehrenberg et al 1998 siegfried and stock 1999 stock and alston 2000 stock et al 2000 despite widespread interest in the job market little is known about influences on starting salaries for new ph d economists some salary information obtained by surveying department heads is disseminated each year at the traditional department chairs breakfast at the allied social science association s meetings curington and market 1996 and through the american economic association s aea universal academic questionnaire scott and siegfried 1999 2000 however this information reports only aggregate trends in starting salaries not an assessment of the effect of individual characteristics on starting salaries only two studies both limited to academics have examined starting salaries for individual economists formby et al 1993 examined 1987 88 starting salaries for academic economists using survey data obtained from 258 u s economics departments they found significantly higher starting salaries in higher cost of living areas in ph d granting departments and for individuals who began jobs after finishing their ph d who work in public universities who are in business schools and who are in highly ranked departments they found no significant demographic effects on starting salary with the exception that age was a slight detriment in non research oriented departments ehrenberg et al 1998 used aea salary data to study the influence of tenure probabilities on starting salaries of economists they found that departments with low tenure probabilities tend to pay higher starting salaries they also found differences in starting salary based on benefit packages and cost of living differences and for individuals who began jobs after finishing their ph d recent work by siegfried and stock 1999 presents a broad overview of labor market outcomes using a large survey of economics ph d s from the class of 1996 97 they document changes in market structure occurring over the past two decades including a shift from academic to nonacademic positions record numbers of new ph d s entering the market increasing proportions of foreign graduates and a growing number of foreign sector jobs in addition they present a general overview of factors influencing starting salaries which reveals salary premiums for u s citizens but no relationship between salary and other demographic attributes age sex marital status race those who took longer to earn their ph d and those working in academia earned lower salaries the purpose of this study is to explicitly identify and quantify determinants of starting salaries for new ph d economists using the siegfried and stock survey data we also identify factors associated with securing full time permanent positions in economics an important analysis because the percentage of new economics ph

optimal wage taxation when human capital and employment are endogenous this paper studies how optimal wage tax conclusions from the classic two period life cycle model of human capital accumulation are affected by endogenizing the number of taxpaying workers in the absence of a corrective policy young individuals underinvest in human capital from a social perspective because tax premiums for transfers to nonworkers are not actuarially adjusted downward for human capital attainment a combination of wage taxes and wage subsidies can restore proper price signals numerical simulations suggest that even modest employment elasticities can be sufficient to substantially impact the magnitudes and even the signs of optimal wage tax rates jel h21 h3 j24

taxes and bank capital structure this paper shows that a reduction in tax discrimination between debt and equity funding leads to better capitalized financial institutions the paper exploits exogenous variation in the tax treatment of debt and equity created by the introduction of a tax shield for equity the results demonstrate that a more equal treatment of debt and equity increases bank capital ratios driven by an increase in common equity the change also leads to a significant reduction in risk taking for ex ante low capitalized banks overall the findings suggest that tax shields could be a valuable and innovative policy tool for bank regulators

rent seeking over time the continuity of capture recently in this journal skaggs and wasserkrug 1983 presented a model of bureau monitoring and related it to federal reserve behavior central to their argument was that bureau constituencies may pressure congressmen in maintaining the monitoring status quo if competition is to be expected between self interested parties for the property rights associated with regulation and regulatory commissions then bureau monitoring or lack of it should have value the capture of a commission by others is made more costly when information on a bureau s activities is restricted in general the issues surrounding bureau monitoring bring out the dynamic nature of the capture theory of regulation once captured commissions must remain captured if benefits are to accrue to rent seekers over time empirical support for the capture perspective however only relates personal characteristics of the appointed regulators commissioners to characteristics preferred by the regulated to reveal the dynamic nature of capture one must also account for the continuity of commission membership a captured regulatory body can only remain captured if there is a continuity of desirable characteristics by compiling characteristics of appointed members previous studies have examined the output of the appointment process that resulted from competition for positions on regulatory boards however the lack of synchronization between appointments to federal regulatory commissions and presidential elections suggests that the distribution of influence among self interested groups in the selection process may vary over time thus continuous successful capture is more easily achieved if appointees remain on boards for full terms and if possible land reappointments but the process is complicated further because regulators

rewards to academia the remuneration of vice chancellors and principals this paper models the financial remuneration to vice chancellors and principals at uk higher education institutions after describing the alternative theoretical underpinnings for the determination of pay an earnings function is estimated utilizing institutional and personal characteristics the model suggests only a partial linkage of managerial and performance related indicators to remuneration levels this suggests substantial scope for reorientation of rewards towards such indicators rather than relying on an efficiency wage this would appear particularly appropriate given the present and continued disclosure of this information together with the increased focus on performance indicators relating to teaching and research within the uk higher education sector

the disposition effect in farmers selling behavior an experimental investigation the identification of the optimal selling time of stored goods is among the most essential economic decisions on a farm beyond monetary aspects behavioral factors influence farmers selling decisions in financial economics the disposition effect is a commonly observed phenomenon it describes the fact that investors hold losing stocks too long while they sell stocks that gained in value too early in the context of agriculture this behavioral bias has not been analyzed thoroughly yet to close this research gap we conducted an incentivized online experiment with 112 farmers from germany the experimental design was based on a well proven experiment from financial economics and adapted to an agricultural decision context where stored goods must be sold farmers were provided information on the uncertain price developments in addition lotteries were conducted to elicit farmers risk attitude probability weighting and loss aversion results indicate that there is a robust disposition effect in farmers selling behavior furthermore more loss averse farmers exhibited a higher realization of gains

the effect of worker mobility on compensating wages for earnings risk the effects of worker mobility on the payment of compensating wage differentials for earnings risk are examined previous research consistently finds compensating wages are paid to workers facing earnings uncertainty however job shopping models suggest that if workers have sufficient mobility they may prefer uncertain situations here simultaneous equations are estimated where both wages and worker mobility are endogenous to examine whether workers with greater uncertainty have greater mobility and whether workers with greater mobility receive lower compensating wage differentials results indicate that workers facing more uncertainty have a greater degree of mobility also workers with greater mobility receive lower compensation for income uncertainty although on average this compensation is positive these results are consistent with the traditional model predictions and supportive of job shopping models

underpaid or overpaid wage analysis for nurses using job and worker attributes the nursing labor market presents an apparent puzzle hospitals report chronic shortages yet standard wage analysis shows that nursing wages have increased over time and greatly exceed those received by other college educated women this paper addresses this puzzle data from the current population survey cps are matched with detailed job content descriptors from the occupational information network o net nursing jobs require higher levels of skills and more difficult working conditions than do jobs for other college educated workers a standard cps only wage regression shows a registered nurse rn wage advantage of 22 log points compared to a pooled male female group of college educated workers control for o net job attributes reduces the rn gap to 08 while an arguably preferable nonparametric estimator produces a wage gap estimate close to zero we conclude that nurses receive compensation close to long run opportunity costs narrowing if not resolving the rn wage shortage puzzle

towards a new trade policy between the usa and middle east countries estimating trade resistance and export potential at the time of the conclusion of free trade areas ftas between the usa and middle east and north african mena countries there is a lack of literature concerning the measurement of the current us export position with regards to these countries and the us export potential in this area from recent developments of gravity models this paper derives an estimable equation which includes various trade resistance variables notably border effects multilateral resistance as well as specific bilateral effects the model is tested in order to scrutinise the impact of these variables on us exports to mena countries as well as the us export potential in this area to that end a selection of panel data specifications is proposed mainly hausman and taylor models as well as arellano and bond dynamic models results unambiguously indicate that as compared to the other oecd countries the usa suffers from a substantial trade integration deficit with mena countries this is reflected by the strongly negative values of the us mena bilateral fixed effects as well as the high bilateral border effects in addition the estimated actual potential us export ratio to these countries is only 0 76 therefore implementing an fta between the usa and mena countries may allow the former to progressively improve its export position in this area this would also help mena countries diversify their supplying sources

the economic effects of withdrawn antidumping investigations is there evidence of collusive settlements abstract this paper analyzes the effects of antidumping cases initiated from 1990 to 1997 that ended in withdrawn petitions without a suspension agreement or voluntary restraint agreement monthly import data are used to estimate the price and quantity effects of the withdrawn cases the estimated effects of the petition being withdrawn do not support the accepted wisdom that withdrawn petitions are a signal of collusion this is an important issue since out of court settlements of unfair trade cases which restrict quantities or increase prices are not only welfare reducing but are also actionable under the antitrust laws they are not exempt under the noerr pennington doctrine

expert opinion and cuisine reputation in the market for restaurant meals as food is an experience good the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high in such markets consumers often turn to reputation measures to guide purchase decisions as australia does not have a longstanding cuisine style of its own and given australia has been open to substantial immigration inflows since federation it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices the following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators cuisine type reputation indicators and other objective indicators in the market for restaurant meals the empirical findings presented suggest that both individual restaurant reputation and cuisine type reputation are important other important factors are shown to include the quality of the restaurant wine list the availability of pr

hedonic price indexes for residential housing a survey evaluation and taxonomy every house is different it is important that house price indexes take account of these quality differences hedonic methods which express house prices as a function of a vector of characteristics such as number of bedrooms and bathrooms land area and location are particularly useful for this purpose i consider here some developments in the hedonic methodology as it is applied in a housing context that have occurred in the last three decades a number of hedonic house price indexes are now available however it is often difficult to see how these indexes relate to each other for this reason i attempt to impose some structure on the literature by developing a taxonomy of hedonic indexes and then show how existing indexes fit into this taxonomy also discussed are some promising areas for future research in the hedonic field in particular greater use needs to be made of spatial econometric and nonparametric methods to exploit the increased availability of geospatial data the main criticisms of the hedonic approach are evaluated and compared with those of the repeat sales and stratified median methods the overall conclusion is that the advantages of the hedonic approach outweigh its disadvantages

do corporations sell houses for less a test of housing market efficiency this paper examines the popular notion that houses sold by corporations as a part of the employee relocation process sell at a discount we argue that such discounts conradict the notion of an efficient market in which indentical houses have the same expected sales price we test for corporate individual owned house price homogeneity using data from a metropolitan area in the us the evidence supports our single price hypothesis corporate houses do not sell for less than they would if sold by individuals

willingness to pay of committed citizens a field experiment in this paper we propose a behavioral approach to determine the extent to which the consumer citizen distinction affects interpretations of monetary values in stated preferences methods we perform a field experiment dealing with air pollution where some randomly selected subjects are given the opportunity to behave politically by signing a petition for environmental protection prior to stating their private preferences in a standard contingent valuation exercise we show that signing has the potential to influence respondents willingness to pay values results indicate that even market like situations are not immune to citizen behavior

thar she blows gender competition and bubbles in experimental asset markets do women and men behave differently in financial asset markets our results from an asset market experiment show a marked gender difference in producing speculative price bubbles mixed markets show intermediate values and a meta analysis of 35 markets from different studies confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market women s price forecasts also are significantly lower even in the first period implications for financial markets and experimental methodology are discussed jel d14 d81 g01 g11 j16

trade deflection and trade depression this is the first paper to empirically examine whether a country s use of an import restricting trade policy distorts a foreign country s exports to third markets we first develop a theoretical model of worldwide trade in which the imposition of antidumping and safeguard taris or trade remedies by one country causes significant distortions in world trade flows we then empirically test this model by investigating the eect of the united states use of such import restrictions on japanese exports of roughly 4800 products into 37 countries between 1992 and 2001 our estimation yields evidence that us restrictions both deflect and depress japanese export flows to third countries imposition of a us antidumping measure against japan deflects trade as the average antidumping duty on japanese exports leads to a 5 7 increase in japanese exports of the same product to the average third country market the imposition of a us antidumping measure against a third country depresses trade as the average us duty imposed on a third country leads to a 5 19 decrease in japanese exports of that same product to the average third country s market we also document the substantial variation in trade deflection and trade depression across dierent importing countries and exported products

does remuneration affect the discipline and the selection of politicians evidence from pay harmonization in the european parliament we study the harmonization of the base pay for the members of the european parliament meps prior to this reform implemented in 2009 base pay was aligned with that of national parliamentarians causing large differences in pay between the meps representing 27 member states based on detailed information on individual meps between 2004 and 2011 we find that the reform which introduced an exceptional base pay increase of 200 per national delegation on average has a positive incentive effect on in office effort proxied by the number of speeches written declarations and reports drafted however more generous remuneration is associated with higher rates of absenteeism with respect to political selection we find that higher pay also raises reelection rates the composition of the pool of meps in terms of ex ante quality approximated by formal education previous political experience in elected office and occupational background is however unaffected if we restrict our attention to newly elected meps a salary increase is related to fewer meps with previous political experience at the highest national level

labour productivity in the british and south wales coal industry 1874 1914 naked to the waist hot and grimy with labour they squatted on their heels for a few minutes and talked seeing each other dimly by the light of the safety lamps while the black coal rose jutting around them and the props of wood stood like little pillars in the low black very dark temple the day passed pleasantly enough there was an ease a go asyou please about the day underground a delightful camaraderie of men shut off alone from the rest of the world in a dangerous place and a variety of labour holing loading timbering and a glamour of mystery and adventure in the atmosphere d h lawrence 1955 the above quote from d h lawrence while perhaps over emphasizing glamour and adventure illustrates one important aspect of colliery work the intensity of a collier s effort was primarily self imposed it was the work intensity combined with other factors that determined labour productivity in the coal mines a number of articles have addressed the problem of labour productivity in coalmining during the late nineteenth and early twentieth centuries two of the most important being a j taylor s 1961 examination of productivity and technological change in britain and r h walters 1975 analysis of the same topic for south wales 1 in addition there is a rich and growing literature on the broader problem of the existence of a climacteric a downward shift in the performance of the british economy in the late nineteenth century often attributed to the failure of british entrepreneurs as represented by their seeming unwillingness to adopt the best available techniques of production 2 the purpose of this paper is to specify and estimate an empirical model of labour productivity in coalmining as well as to provide some suggestive evidence regarding the performance of entrepreneurs in this major industry 3 we believe our results provide added insight into the determination of labour productivity during this period lending support to those who argue that the failure of british entrepreneurs has yet to be proved while providing mixed evidence regarding conclusions drawn by economic historians

how do journal quality co authorship and author order affect agricultural economists salaries utilizing an original data set containing annual salaries and peer reviewed publication histories for 326 faculty members from top ranked ph d granting programs we examine the labor market for academic agricultural economists the results suggest that higher quality publications have a greater impact on annual earnings that sole authored articles have a higher return than multi authored articles and that no wage premium exists for being the lead author of a non alphabetic article

adaptation to an irrigation water restriction imposed through local governance abstract we estimate how farmers adapted to a water restriction imposed through local governance the restriction imposed a uniform quota on water use with a 5 year allocation and allowed trading of the quota within the restricted area our analysis exploits unique micro level data on irrigated water use irrigated acreage and crops we use a difference in differences econometric strategy that also includes farmer time fixed effects to estimate the response to the restriction where we exploit water rights between 2 and 5 miles of the policy boundary as a control group results indicate that farmers reduced water use by 26 due to the policy with most of the response due to reductions in water use intensity on the same crops rather than through reductions in irrigated acreage or changes in crops the results imply that the short run welfare impact of the policy was smaller than a policy that reduces irrigated acreage

revisiting electricity liberalization and quality of service empirical evidence from new zealand abstractwhat effect does the firm structure have on the quality of service delivered by networks and infrastructure industries we answer this question by empirically assessing the impacts of complete vertical separation such as ownership unbundling on the quality of service delivered by a liberalized network industry electricity distribution utilities in new zealand are considered for this purpose and are analysed using panel data econometrics the results show robust evidence that ownership unbundling contributed to a fall in the duration and frequency of supply interruptions in electricity distribution however the results also show that unbundling has no effect on reducing distribution network losses these results overall highlight the nonsimple impacts of ownership unbundling on the quality of electricity distribution we suggest that the quality of service may largely improve when considered in the economic regulation of electricity networks than completely relying on specific reform measures

the earnings of canadian immigrant and native born males this paper examines the economic attainment of canadian immigrants although foreign born males initially earn less than the native born their earnings rise more rapidly with canadian labour market experience and after 14years their earnings equal and exceed those of the native population it is also shown that the use of mincer s identity leads to biased results when estimating the earnings of the immigrant population

the gender salary gap in british academia this paper considers salary determination and the gender salary gap in the academic labour market utilizing a particularly detailed data set of academics from five old established universities results reveal an aggregate gender salary differential for academic staff of 15 most of this differential can however be explained by our model evidence suggests a limited opportunity for female academics to combine career and family despite the flexibility of an academic job and emphasizes the importance of mobility to the male career publication record is found to be an important determinant of salary

on the use of hedonic regression models to measure the effect of energy efficiency on residential property transaction prices evidence for portugal and selected data issues abstract using a unique dataset of 256 000 residential property sales for portugal this paper reveals a clear sales premium for energy efficiency which is more pronounced for apartments 13 than for houses 5 to 6 price premiums tend to increase from 2009 to 2013 a period in which the portuguese housing market was depressed quantile regression reveals that when compared with the rest of the sample the group of the most energy efficient properties receives a statistically relevant price premium that is mostly stable across the entire spectrum of the conditional price distribution cross country comparisons suggest that energy efficiency price premiums are higher than those found for central and northern european markets illustrations on the effect of data issues in hedonic regression models are provided they show how the use of appraisal prices and explanatory variables with measurement errors may seriously bias energy efficiency partial effect estimates in contrast the omission of variables associated with the quality of the properties has not produced relevant distortions finally it became apparent that the use of smaller datasets would have produced similar results as no significance inflation was produced by the portuguese large scale dataset

revisiting union wage and job loss effects using the displaced worker surveys estimates of union wage effects have been challenged by concerns regarding unobserved worker heterogeneity and endogenous job changes many economists believe that union wage premiums lead to busin

paying for mitigation a multiple country study a contingent valuation study conducted in china sweden and the united states was used to investigate citizens willingness to pay wtp for reducing co2 emissions we find that a majority of the respondents in all three countries believe that the mean global temperature has increased over the last 100 years and that humans are responsible for the increase the share of americans that believes these statements is smaller and a relatively larger share of americans also believes that nothing can be done to stop climate change sweden has the highest wtp while china has the lowest jel q51 q54

human capital investment and labor supply under uncertainty we extend the theory of human capital investment under uncertainty by incorporating post investment labor supply as a choice variable we show that human capital investment decreases in response to an increase in risk about its return if such investment is an inferior activity and preferences exhibit decreasing risk aversion however if investment is normal then the effect of an increase in risk is indeterminate these results highlight the importance of obtaining empirical evidence on the income elasticity of demand for human capital investment for arriving at refutable hypotheses about the effect of risk

the demonstration and capture of the value of an ecosystem service a quasi experimental hedonic property analysis water management can generate valuable ecosystem services but can be costly to implement we examine this issue using irrigation water storage infrastructure which has the potential to provide desirable services to residential properties affected by the condition of the storage structure we examine a particular prairie setting where concerns regarding fluctuations in water levels of an irrigation storage lake led to an agreement between the irrigation agency and the owners of properties around the lake to stabilize water levels using quasi experimental hedonic property approaches with two different control groups we estimate the subsequent impact of this agreement on shoreline property values using a time series of sales data the methods utilized in this article represent an effective approach to produce plausible estimates of some of the economic values captured by the infrastructure generating ecosystem services we find that property values increased as a result of the agreement and that the additional property tax revenues arising from these values can be used to some extent to offset the annual service fees paid to the irrigation agency to provide the stabilized lake levels this article illustrates the potential for irrigation infrastructure management to provide increases in ecosystem service values beyond irrigation and also that these values can be captured to pay for the costs of providing these increased values

rewarding schooling success and perceived returns to education evidence from india this paper tests two specific mechanisms through which individuals can form expectations about returns to investments in education recognition for schooling performance and exposure to successful students through family or social networks using a regression discontinuity design we study the impact of two fellowship programs recognizing educational performance in secondary schools in india we find that the fellowship award is associated with a significant increase in the perceived value of education by both increasing the perceived mean of earnings 0 74 standard deviations sd and decreasing the perceived variance in earnings 1 03 sd associated with additional years of schooling the effects spill over only selectively to social and family networks peers exposed to successful students do not update their beliefs but parents of fellows report higher perceived returns to education peers of fellows are however more informed about fellowship opportunities and report a higher intention to apply for the fellowship thus contributing to the persistence of the potential impact of the fellowship across different cohorts

post injury work outcomes revisited we use data for ontario workers with permanent impairments resulting from work related injuries to investigate the complex relationships among post injury work outcomes wages accommodations returning to the same or different employer and duration of work absence we argue the different aspects of post injury work experience may be jointly determined making post injury job characteristics endogenous in a duration model to explore the endogeneity issues we instrument post injury job variables from first stage equations and compare results from this informed model to a naive model that treats the variables as exogenous we find that returning to one s pre injury employer is associated with more favorable post injury work outcomes including higher wages greater likelihood of job accommodations and shorter durations of work absence relative to workers who change employers we also find substantial differences between the naive and informed models with accommodations having the predicted negative effect on duration only after we control for endogeneity

when quality signals talk evidence from the turin hotel industry abstract this study analyzes the relationship between quality signals and price setting through the application of hedonic price functions the model proposals also include variables relating to land use policies and tourism development strategies a simultaneous equation model endogenously estimates quality signals this method is appropriate for analyzing emerging urban destinations as characterized by the presence of an expanding hotel industry the results are based on a dataset of 145 hotels in turin italy the empirical findings reveal that reputation based quality signals help explain tariff levels price proposals also include a premium for quality assured hotels defining some limits of the current hotel classification system the empirical evidence has significant marketing implications for the hospitality industry s competitiveness since the results clarify the impact of quality signals on price level

hedonic imputation and the price index problem an application to housing in this study we show how use of the hedonic imputation method complicates the price index problem in addition to the usual choice between formulas such as fisher and tornqvist the fact that index compilers have some discretion over which prices are imputed implies that it is necessary to choose as well between different varieties of each formula the functional form of the hedonic model must also be taken into account we illustrate the importance of these issues in a housing context using house price data for three regions in sydney over a 3 yr period jel c43 e31 o47 r31

the elusive quest for supply response to cash crop market reforms in sub saharan africa the case of cotton little cross cutting conclusions emerge from comparative studies on the impact of structural adjustment on sub saharan african agricultural performance this paper aims to illuminate this long standing debate by adopting a novel quantitative sectoral and long term approach controlling for country specific determinants it incorporates detailed information on the pace of reforms and the nature of post reform market structure pre reform policies and weather conditions at the cultivation zone level the cotton sector is the focus of this paper because of its particularly interesting institutional history the authors find that the changes in market structure brought about by reforms have had very different impacts in francophone west and central africa and in the rest of sub saharan africa in the former region production has been higher but productivity lower on average in regulated markets than in monopolistic markets conversely in the liberalized markets of the rest of sub saharan africa productivity has been higher in than in monopolistic markets but highly competitive markets seem to have produced less than monopolistic sectors

uncertainty and the demand for education the impact of uncertainty in future income on the demand for education from both theoretical and empirical points of view is analyzed theoretical results deviate substantially from their counterparts in models of human capital formation with certain future income the theory is tested with a sample of high school graduates that contains data on subjective expectations empirical evidence from binomial logit analysis does not entirely support the behavioral implications of the theoretical model

on the short and medium term effects of formalisation panel evidence from vietnam abstractthis paper analyses the consequences of formalisation on the performance of informal firms using a panel dataset from vietnam we find that switching firms before switching have higher profit and value added compared to non switching firms suggesting heterogeneity becoming formal leads to an additional increase in switching firms profit and value added the benefits of formalisation materialise in the short term one year and persist in the longer term three or more years these benefits run through various channels such as better access to powered equipment or higher business association membership but not better access to credit

the charity of the extremely wealthy our experience worldwide is that first generation wealth is actually more generous than dynastic wealth both here in india and u s and other countries the biggest givers are those who are receivers of first generation wealth bill gates quoted in thakur lee and frye 2011 i introduction in this article we study the charitable behavior of billionaires focusing on the impact of the source of their wealth on their charitable donations and pledges while billionaires play a leading role in both the economy and in philanthropy and they are watched closely by journalists and the public at large econometric studies that focus on the behavior of billionaires are rare 1 understanding the charitable behavior of the extremely wealthy is important because they are responsible for a disproportional share of overall giving directly through the amounts of money they give and also because their public status makes their behavior an example for others to follow while the determinants of individual giving have already been studied in experimental settings and using surveys reinstein and riener 2012 steinberg et al 2011 this article documents charitable behavior of a larger magnitude than that typically studied in experiments and of people who do not participate in experiments or fill out surveys 2 our analysis focuses on the question of whether self made billionaires are more charitable than billionaires who inherited their money as bill gates suggested in the quote above it is well documented that people s decisions on how to spend money often depend on how they received that money epley mak and chen idson 2006 for example show that the propensity to consume is bigger if income received is framed as a bonus rather than a rebate arkes et al 1994 show that windfall gains are more readily consumed than nonwindfall gains such evidence has been found both inside and outside the laboratory but in this article we investigate whether treatment of income varies depending on its source when the amounts at stake are much larger than previously studied in the literature in this article amounts range from millions to billions of dollars in comparison with the tens or hundreds of dollars in experimental literature or the tens of thousands of dollars studied in the research on decisions in every day life moreover studies that investigate how spending varies with the source of money typically conclude that earned income is spent more carefully than windfall gains however in the case of charitable giving self made money seems to be more rather than less likely to be spent on charity than inherited money steinberg et al 2011 indeed show using data from the charitable giving module of the panel study of income dynamics psid that the presence of inherited wealth increases giving but also that income held constant an increase in the proportion of income coming from an inheritance is associated with a decrease in charitable giving 3 to study the charitable behavior of the extremely wealthy we use data from the giving pledge a global public pledge to give away at least half of one s fortune during one s lifetime http givingpledge org which by now has been signed by more than 100 extremely wealthy people typically current billionaires in addition we use data on the presence of u s billionaires in the philanthropy top 50 and in the million dollar list a list of those who have given grants of 1 million or more since 2000 we find evidence that self made billionaires are three to four times more likely to sign the giving pledge and to enter the philanthropy top 50 list of biggest pledges compared with those who inherited their wealth at the same time we find that the gap in probabilities between self made and inherited wealth is much smaller at about 28 when looking at the presence in the million dollar list we also find that self made billionaires give more on average than inherited billionaires do when measuring total gifts using the million dollar list or the philanthropy top 50

scanner data and the treatment of quality change in nonrevisable price indexes the recently developed rolling year geks procedure makes maximum use of all matches in the data to construct nonrevisable price indexes that are approximately free from chain drift a potential weakness is that unmatched items are ignored in this article we use imputation tornqvist price indexes as inputs into the rolling year geks procedure these indexes account for quality changes by imputing the missing prices associated with new and disappearing items three imputation methods are discussed the first method makes explicit imputations using a hedonic regression model which is estimated for each time period the other two methods make implicit imputations they are based on time dummy hedonic and time product dummy regression models and are estimated on bilateral pooled data we present empirical evidence for new zealand from scanner data on eight consumer electronics products and find that accounting for quality change can make a substantial difference

the race is to the swift socioeconomic origins adult education and wage attainment the winners in today s winner take all labor markets are differentiated by advanced levels of educational attainment especially higher degrees this article applies a sociological model of cumulative dis advantage to the baby boom cohort to examine whether life course timing differences in educational attainment help explain wage differentials by midlife it finds that advantaged social origins lead to early postsecondary completion of degrees which in turn yield higher wages a pathway of cumulative disadvantage is also evident where those least advantaged exit schooling early in life do not return as adults and earn low wages in a middle path advantaged social origins promote adult school attainment primarily for those without degrees but generally without the wage boosts associated with attainment earlier in life

room in the kitchen for the melting pot immigration and rental prices this paper studies the response of housing markets to immigration shocks following card 1990 i examine the changes in rental prices in miami and three comparison groups after the mariel boatlift this exogenous immigration shock added an extra 9 to miami s renter population in 1980 i find that rents increased from 8 to 11 more in miami than in the comparison groups between 1979 and 1981 by 1983 the rent differential was still 7 rental units of higher quality were not affected by the immigration shock units occupied by low income hispanic residents in 1979 experienced an extra 8 differential hike with respect to other low income units relative housing prices moved in the opposite direction from rents in the short run

the effect of uncertain educational requirements on education and wages this paper examines the effects of uncertain educational requirements the level of education required to enter an occupation varies with a number of factors workers may be uncertain as to their specific job when selecting an occupation thus they are also uncertain as to how much education they will need we find that occupations with more uncertainty pay males compensating wages however females do not receive compensating wages we also find a negative relationship between uncertain educational requirements and completed schooling for both men and women

effectiveness of rca institutions to limit local externalities using foreclosure data to test covenant effectiveness residential community associations rcas are said to be an efficient institutional agreement to limit local spillovers while several studies have identified a positive marginal effect of rca rules none have explicitly measured the effectiveness of these institutions to limit local externalities this study measures this effectiveness by estimating how the direct and spillover price impacts caused by foreclosure differ by rca status using a spatial hedonic model that controls for selection bias using propensity score methods and coarsened exact matching we find that foreclosed rca properties experience smaller direct foreclosure discounts and produce smaller spill over effects than their non rca counterparts

look who s talking the impacts of the intrahousehold allocation of mobile phones on agricultural prices abstract using data from the philippines we study the impact of mobile phones on the prices agricultural producers receive for their cash crop we first look at the impact on price of mobile phone ownership at the household level because this masks a considerable amount of heterogeneity we then look at the impact on price of the intrahousehold allocation of mobile phones we find that whether the household owns a mobile phone has no impact on price but whether a farmer or spouse owns a mobile phone is associated with a 5 to 8 per cent increase in price

does price dispersion increase with quality evidence from the online diamond market this article empirically investigates the relationship between price dispersion and price level searches seem more valuable for products of high quality but buyers may have little incentive to search since such products are less frequently purchased the extent of price dispersion is examined using a sample of around 160 000 diamonds offered for sale online estimates from a two stage econometric strategy show that price dispersion increases significantly with quality an explanation is that buyers of high quality gemstones pay little attention to the price of these diamonds and even more so if they perceive high prices as signals of quality and rarity of the diamonds they intend to purchase

large redevelopment initiatives housing values and gentrification the case of the atlanta beltline this paper examines the announcement effects on property values of a large multipurpose development initiative in atlanta georgia called the beltline which has received substantial public attention the project involves the redevelopment of an abandoned rail line that encircles the central area of atlanta the 6500 acre project will be funded by tax increment financing bonds and will include the development of light rail greenspace and real estate projects by examining home sales from 2000 to 2006 the paper identifies changes in price premiums for locations in various geographical buffers around the beltline and compares the timing of such changes with coverage in the local newspaper it is found that there are large increases in premiums for homes near the lower income southside parts of the beltline tif district between 2003 and 2005 which corresponds to the initial media coverage of the planning process the findings suggest that planning for the beltline induced substantial speculation and ge

environmental amenities as a source of market power site specific environmental amenities can provide a source of product differentiating market power using estimates from hedonic price equations and residual demand models our analysis recovers firm specific estimates of price markups as measures of market power and uses these markups to estimate the implied marginal value for access to coastal beaches the application involves rental price and occupancy data for several thousand beach properties along a portion of the north carolina coastline during the 1987 to 1992 rental seasons

the evolution of male female earnings differentials in canadian universities 1970 2001 the evolution of academic salaries and the gender earnings gap in canadian universities is analysed using a unique statistics canada data set containing detailed information on all full time teachers at canadian universities over the period 1970 through 2001 male salaries declined across cohorts while female salaries remained stable consequently male female earnings differentials have narrowed recent years have also seen increasing variation in academic salaries for both men and women a gender earnings gap remains the bulk of which can be explained by differences in men s and women s rank and field the unexplained earnings gap has decreased over time on analyse l evolution des salaires et l ecart entre hommes et femmes dans les universites canadiennes entre 1970 et 2001 a l aide d une base de donnees unique de statistiques canada qui contient des renseignements detailles sur tous les professeurs a temps plein des universites canadiennes les salaires des hommes ont decline au fil des cohortes pendant que ceux des femmes demeuraient stables ce qui fait que les differentiels de salaires se sont amenuises au cours des annees recentes on a observe une variabilite croissante des salaires academiques tant pour les hommes que les femmes un ecart entre hommes et femmes persiste qui est attribuable aux differences dans les rangs et dans les champs d activites des hommes et des femmes l ecart qui demeure inexplique a diminue dans le temps

unions industrial concentration and wages a re examination market structure or industrial concentration has long been recognized as an important influence on industrial output employment and profits it has also been recognized that some proportion of the profits from concentration may be diverted into wages through collective bargaining yet the precise nature of these relationships has received little attention although it has important implications for the evaluation of wage structure and the welfare loss arising from monopoly empirical studies of the impact of unions and industrial concentration on wages weiss 1966 jones and laudadio 1975 dalton and ford 1977 long and link 1983 follow a similar format after a brief verbal justification for the ability of unions to win higher wage increases when the employer is earning oligopoly profits these studies specify a wage equation of the general form

sex discrimination in faculty salaries evidence from a historically women s university during the past several years a number of studies have appeared in this review and elsewhere examining the earnings and promotion of women faculty a finding common to most of these studies is that the female male salary differential is smallest at entry level but widens over time 2 indeed george johnson and frank stafford state after presenting such evidence for michigan state university we believe this qualitative result would be observed for any university in the united states for which the sample size is sufficiently large 1974 p 899 while the qualitative findings of faculty salary studies have been similar interpretations have differed on the one hand the human capital view attributes the widening sex differential or flatter female earnings profile to differences in acquired skill and productivity this literature emphasizes differences in continuous labor market experience hours of work and the relative teaching research division of labor on the other hand the discrimination view attributes the widening differential to increased labor market discrimination with respect to experience the sex differential is smallest at entry level where universities must compete and pay prevailing salaries to attract incoming faculty members however discrimination is more easily exercised in the internal university labor market by male faculty and administrators as job mobility lessens with age because of fixed costs tied moves 3 university specific job training a shorter benefit span etc the strongest evidence supporting the discrimination view is the existence of significant unexplained salary differentials even where detailed data exist on research and teaching performance the purpose of this note is to examine the salary structure at a large university which was historically the state s university for women but is now fully coeducational to our knowledge no other such study is available comparison of results from such a study with those already in the literature can shed light on the interpretation of salary differential studies we find somewhat surprisingly an exception to the finding by johnson and stafford and others of a widening femalemale salary differential with experience apart from some qualifications discussed below we find a small differential at entry but little difference in the reward structure to men and women with respect to experience ceteris paribus alternative interpretations of this evidence are provided while we cannot clearly test between the human capital and discrimination explanations for salary differentials our evidence strongly suggests that universities can and do exercise significant discretion in the awarding of salaries discretion which is presumably made possible by the not for profit nature of these institutions see armen alchian and reuben kessel section i briefly describes the data source while section ii examines specification and then tests for functional form section iii university of north carolina greensboro we thank terry g seaks and frank stafford for helpful suggestions we are equally responsible for the contents of the paper a partial list includes george johnson and frank stafford with later comments by steven farber and by myra strober and alice quester nancy gordon thomas morton and ina braden emily hoffman david katz marianne ferber and jane loeb ferber and betty kordick ferber loeb and helen lowry and james koch and john chizmar 2 there is debate over whether the differential begins to narrow late during the working life as argued by johnson and stafford see johnson and stafford 1977 and ferber loeb and lowry 3viewing mobility within a household context see jacob mincer the potential for discrimination against married women faculty may be higher than with male or unmarried female faculty

the returns to education in africa some new estimates abstractwe estimate the rate of return to education for 12 african countries using recent data and a range of methodologies which we apply consistently across all countries our findings confirm that the return to basic education is the lowest 7 10 the returns to upper secondary and tertiary education are similar to one another 25 30 accounting for the risk of joblessness increases these rates of return particularly for basic education and for women at tertiary level our results at the country level suggest that great care should be taken in choosing the appropriate methodology to estimate rates of return

optimal wage and income taxation with wage uncertainty optimal taxation in a two period model with human capital investment and second period wage uncertainty is analyzed a proportional tax on wages dominates lump sum taxation and the socially optimal level of human capital exceeds that which individuals choose a tax on interest income may raise welfare by encouraging investment in human capital the interest income tax reduces the difference between returns to physical and human capital from individuals inability to reduce human capital risk through diversification a positive interest income tax rate may therefore be optimal even with an optimal wage tax by encouraging m ore investment in human capital copyright 1987 by economics department of the university of pennsylvania and the osaka university institute of social and economic research association

towards a differentiated modelling of origin effects in hedonic analysis an application to auction prices of specialty coffee abstract origin matters this has been shown by numerous studies using either discrete choice or hedonic approaches to derive implicit prices for origin as a product attribute in most of the hedonic studies intercept dummies were introduced for specific regional origins and statistically significant coefficients of those variables were seen as an indication of either a superior or inferior reputation compared to products from other origins we argue that hedonic pricing models of this type may be too simple to detect the true origin effects if assessments of a product s sensory quality are available and interact with prior beliefs about reputation based on a supply and demand framework to explain auction prices a reduced form hedonic pricing model is suggested that includes intercept as well as slope dummy effects of the regional origin because reputation and the objective product quality are particularly important for markets of differentiated high quality foods and beverages we analyze electronic auction markets for specialty coffees the findings for the cup of excellence data reveal that it is important to distinguish reputation sensory quality and their interaction as determinants of coffee auction prices as well as varying origin impacts across market segments

payment source and the cost of hospital care evidence from a multiproduct cost function with multiple payers abstract this study investigates the capacity of hospitals to vary the intensity of their services based on patients expected sources of payment while the concept of price discrimination by hospitals based on payer generosity cost shifting has been discussed extensively the notion that hospitals can adjust payer specific marginal costs to reflect differences in reimbursement policies has not been studied in depth to examine this issue this analysis employs a multiproduct cost function with hospital outputs defined as admissions by payment source controlling for the distribution and severity of illness casemix for each payer marginal costs of casemix adjusted discharges are obtained and compared for medicare medicaid private payers and a residual category that includes uncompensated care we find that indeed payer specific marginal costs generally reflect payer generosity

are professional traders too slow to realize their losses data on a u s proprietary stock trading team provide evidence of the tendency of traders to hold on to their losers too long and sell their winners too soon that is the disposition effect the group of traders studied earned more than 1 4 million in intraday trading profits but they realized their winning trades at a much faster rate than their losing trades this tendency lowered their profitability when the traders limited their risk exposure by trading in small share sizes in low priced stocks or during periods of low volatility the discrepancy between losing and winning holding times rose an analysis of intraday prices suggests that traders could increase trading profits by holding winners longer and selling losers sooner

property rights and productivity the case of joint land titling in vietnam this paper explores the effect of land titling on agricultural productivity in vietnam and the productivity effects of single versus joint titling for husband and wife using a plot fixed effects approach our results show that obtaining a land title is associated with higher yields for both individually and jointly held titles we conclude that there is no tradeoff between joint titling and productivity and so joint titles are potentially an effective way to improve women s bargaining power within the household with no associated efficiency losses

the effect of ama membership on physicians earnings this study explores earnings differences between physicians who are members of the american medical association and physicians who are not ama members nonmembers earn on average about 22 percent less per hour of medical practice than members an estimate of the earnings effect of ama membership incorporating the simultaneous determination of earnings and membership suggests however that membership per se increases physicians hourly practice earnings only by about 2 7 percent

the disposition effect in securities trading an experimental analysis the disposition effect is the tendency to sell assets that have gained value winners and keep assets that have lost value losers disposition effects can be explained by the two features of prospect theory the idea that people value gains and losses relative to a reference point the initial purchase price of shares and the tendency to seek risk when faced with possible losses and avoid risk when a certain gain is possible our experiments were designed to see if subjects would exhibit disposition effects subjects bought and sold shares in six risky assets asset prices fluctuated in each period contrary to bayesian optimization subjects did tend to sell winners and keep losers when the shares were automatically sold after each period the disposition effect was greatly reduced

the demand for and return to education when education outcomes are uncertain this article treats education as a sequential choice that is made under uncertainty a simple model is used to explore the effects of ability high school preparation preferences for schooling the borrowing rate and ex post payoffs to college on the probability of various post secondary college outcomes and the ex ante return to starting college the model motivates an empirical method of accounting for uncertainty about educational outcomes and for nonlinearity in the relationship between years of education and earnings when estimating the expected return to the first year of college

can microfinance reach the poorest evidence from a community managed microfinance intervention summary reaching the poorest is an important objective in many development interventions and microfinance is no exception we review performance indicators for effectiveness of targeting described in the literature and suggest a new metric in order to account for extent and severity of poverty as well as the income distribution among the poor when applying this to a panel dataset from a community managed microfinance intervention in northern malawi we find regressive targeting participants are less poor than the general population in the area in addition we provide suggestions as to when and why the poor exit the project

entry level salaries of academic economists does gender or age matter i introduction since the mid 1970s earnings differentials in academic labor markets have been extensively investigated with particular attention focused on salary differentials between males and females the leading studies use similar methodologies but differ in terms of the time period analyzed data sources and whether a single academic discipline or multiple disciplines are considered for example johnson and stafford 1974 investigate several academic professions in 1970 jusenius and scheffler 1981 consider a single discipline economics in 1973 and include a cross section of universities and professorial ranks as well as race several investigators including katz 1973 hirsch and leppel 1982 rickman 1984 and raymond sesnowitz and williams 1988 focus on a single college or university and include diverse academic disciplines the latter two studies raise the question of whether gender continued to matter in academic labor markets in the 1980s and reach opposite conclusions a consistent finding transcending early studies of academic labor markets is that earnings differentials are smallest between men and women who are at the beginning of their careers for example johnson and stafford in a widely cited study state the most important finding is that the salaries of females start out at not much less than those of males 4 to 11 percent in the six disciplines in our sample and then decline 1974 901 this paper investigates entry level salaries in a single academic discipline by considering a cross section of newly hired economists the primary source of labor market information is a unique survey of entry level salaries in the 1987 88 academic year it might seem that by the late 1980s gender differentials should have disappeared at the entry level but like johnson and stafford s 1974 earlier result our survey reveals newly hired females received 1060 3 4 percent less than males our principal purpose is to determine whether this gender differential and the effects of age are significant once other determinants of earnings are taken into account for example we consider and control for terminal degree status the quality of the ph d granting department field of specialization highest degree offered by the hiring department differences in cost of living across areas and other institutional factors that can influence beginning entry level salaries we first describe the data set developed primarily from a survey which is used to estimate entry level earnings equations we also briefly compare our survey to other surveys providing information on market outcomes for economists we then present estimates of the determinants of entry level salaries and discuss the influence of gender age and other determinants of earnings ii the survey a total of 469 u s economics departments were surveyed in the summer and fall of 1987 with 258 departments responding 55 percent 1 the 1987 88 academic year salary of each new hire was requested of each department demographic information age sex and human capital characteristics ph d granting university primary field of specialization and degree status were also requested for each new hire in addition the survey included questions on whether the hiring college university is privately or publicly supported the administrative reporting channel of the economics department highest degree offered and number of entry level persons hired the identities of the hiring department and the university at which the newly hired economist did his or her graduate work are used to construct two measures of quality the quality of the department where the ph d work was done is the first measure and the quality of the hiring department is the second 2 the survey was designed to provide microdata on individual entry level economists for the purpose of estimating earnings equations in an effort to maximize responses the questionnaire was intentionally brief only questions directly relevant to estimating the earnings equation of entry level economists were included

is roger federer more loss averse than serena williams using data from the high stakes 2013 dubai professional tennis tournament we find that compared with a tied score i male players have a higher serve speed and thus exhibit more effort when behind in score and their serve speeds get less sensitive to losses or gains when score difference gets too large and ii female players do not change their serve speed when behind while serving slower when ahead thus male players comply more with prospect theory exhibiting more loss aversion and reflection effect our results are robust to controlling for player fixed effects and characteristics with player random effects

women in the economics profession this article discusses evidence from recent literature on gender literature on gender differences among ph d economists it finds many gender similarities in accomplishments including undergraduate grades publication rates ceteris paribus and labor market commitment it finds no evidence of disadvantages for women in admissions to ph d programs or in nonacademic salaries yet gender differences remain ceteris paribus in gre scores attrition from ph d programs non tenure track academic jobs academic salaries and academic promotion rates the paper suggests that trends toward increasing percentage of females may be peaking particularly given recent drops in female undergraduate economics majors