Compensating differential | Wikipedia audio article
Channel: wikipedia tts
Date: 08/02/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Compensating_differential


00:01:25 1 Geographical Wage Differentials
00:02:34 1.1 The theory
00:04:11 1.2 Empirical results
00:05:40 1.2.1 Human capital
00:07:28 1.2.2 Area characteristics
00:10:48 2 Discussion
00:10:58 2.1 Possible confusion with other concepts
00:12:31 3 See also



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SUMMARY
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Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job. A compensating differential, which is also called a compensating wage differential or an equalizing difference, is defined as the additional amount of income that a given worker must be offered in order to motivate them to accept a given undesirable job, relative to other jobs that worker could perform. One can also speak of the compensating differential for an especially desirable job, or one that provides special benefits, but in this case the differential would be negative: that is, a given worker would be willing to accept a lower wage for an especially desirable job, relative to other jobs.The idea of compensating differentials has been used to analyze issues such as the risk of future unemployment, the risk of injury, the risk of unsafe intercourse, the monetary value workers place on their own lives, and in explaining geographical wage differentials.