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Author: Alessia Matano Publisher: ISBN: Category : Languages : en Pages : 37
Book Description
The relation between rent sharing and wages has generally been evaluated on average wages. This paper uses a unique employer-employee panel database to investigate the extent of rent sharing along the wage distribution in Italy. We apply quantile regression techniques and control for national level bargaining, unobserved worker and firm heterogeneity and endogeneity. Our findings show that the extent of rent-sharing decreases along the wage distribution, suggesting that unskilled workers benefit most from firms' rents. By applying quantile regressions by occupational categories, we show that the decreasing pattern is mainly driven by blue collar workers, while estimates for white collars are higher and basically constant along the wage distribution. We also provide evidence that unions might represent one of the driver of our findings.
Author: Alessia Matano Publisher: ISBN: Category : Languages : en Pages : 37
Book Description
The relation between rent sharing and wages has generally been evaluated on average wages. This paper uses a unique employer-employee panel database to investigate the extent of rent sharing along the wage distribution in Italy. We apply quantile regression techniques and control for national level bargaining, unobserved worker and firm heterogeneity and endogeneity. Our findings show that the extent of rent-sharing decreases along the wage distribution, suggesting that unskilled workers benefit most from firms' rents. By applying quantile regressions by occupational categories, we show that the decreasing pattern is mainly driven by blue collar workers, while estimates for white collars are higher and basically constant along the wage distribution. We also provide evidence that unions might represent one of the driver of our findings.
Author: Nancy L. Rose Publisher: Forgotten Books ISBN: 9780243896875 Category : Business & Economics Languages : en Pages : 54
Book Description
Excerpt from Labor Rent-Sharing and Regulation: Evidence From the Trucking Industry An increasing body of evidence suggests that labor may be an important claimant to firms' profits. While there is a well-developed literature on union rent-sharing, recent empirical and theoretical work suggests that nonunion workers also may capture a share of rents. This study uses wage responses to an exogenous reduction in trucking industry rents to estimate the extent of union and nonunion rent-sharing. The results should be of interest to both labor economists interested in noncompetitive theories of wage determination and regulatory economists interested in assessing the magnitude and distribution of regulatory rents. The paper evaluates wage responses to motor carrier deregulation in the late 19705 and early 19805. The results indicate substantial declines in union premia over nonunion wages as a consequence of regulatory reforms. Union premia dropped from an average of 50 percent over nonunion wages during the 1973-78 period, to 30 percent over nonunion wages during 1979-84. Data for nonunion workers in the industry indicate wage declines relative to economy-wide average wages, although the magnitude of-nonunion rents is not precisely quantified. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Sabien Dobbelaere Publisher: ISBN: Category : Languages : en Pages : 44
Book Description
Researchers contributing to the empirical rent-sharing literature have typically resorted to estimating the responsiveness of workers' wages on firms' ability to pay in order to assess the extent to which employers share rents with their employees. This paper compares rent-sharing estimates using such a wage determination regression with estimates based on a productivity regression that relies on standard firm-level input and output data. We view these two regressions as reduced-form equations stemming from, or at least compatible with, a variety of underlying theoretical structural models.Using a large matched firm-worker panel data sample for French manufacturing, we find that the industry distributions of the rent-sharing estimates based on them are significantly different on average, even if they slightly overlap and are correlated. Precisely, if we only rely on the firm-level information, we find that the median of the relative and absolute extent of rent-sharing parameters amount roughly to 0.40 and 0.30 for the productivity regression and to 0.20 and 0.16 for the wage determination regression. When we also take advantage of the worker-level information to control for unobserved worker ability in the model of wage determination, we find that these parameters further reduce as expected and have a median value of only about 0.10.
Author: Sabien Dobbelaere Publisher: ISBN: Category : Languages : en Pages :
Book Description
Empirical labor economists have resorted to estimating the responsiveness of workers wages on firms ability to pay to assess the extent to which employers share rents with their employees. This paper compares this labor economics approach with two other approaches that rely on standard micro production data only the productivity approach for which estimates of the output elasticities of labor and materials and data on the respective revenue shares are needed and the accounting approach which boils down to directly computing the extent of rent sharing from firm accounting information. Using matched employer-employee data on 60,294 employees working in 9,849 firms over the period 1984-2001 in France, we quantify industry differences in rent-sharing parameters derived from the three approaches. We find a median absolute extent of rent sharing of about 0.30 using either the productivity or the accounting approach. Only exploiting firm-level information brings this median rent-sharing parameter down to 0.16 using the labor economics approach. Controlling for unobserved worker ability further reduces the median absolute extent of rent sharing to 0.08. Our analysis makes clear that the three different approaches face important trade-offs. Hence, empirical economists interested in establishing that profits are shared should select the appropriate approach based on the particular research question and on the data at hand.
Author: David Edward Card Publisher: ISBN: Category : Profit-sharing Languages : en Pages : 38
Book Description
When wage contracts are relatively short-lived, rent sharing may reduce the incentives for investment since some of the returns to sunk capital are captured by workers. In this paper we use a matched worker-firm data set from the Veneto region of Italy that combines Social Security earnings records for employees with detailed financial information for employers to measure the degree of rent sharing and test for holdup. We estimate wage models with job match effects, allowing us to control for any permanent differences in productivity across workers, firms, and job matches. We also compare OLS and instrumental variables specifications that use sales of firms in other regions of the country to instrument value-added per worker. We find strong evidence of rent-sharing, with a "Lester range" of variation in wages between profitable and unprofitable firms of around 10%. On the other hand we find little evidence that bargaining lowers the return to investment. Instead, firm-level bargaining in Veneto appears to split the rents after deducting the full cost of capital. Our findings are consistent with a dynamic bargaining model (Crawford, 1988) in which workers pay up front for the returns to sunk capital they will capture in later periods.
Author: Athanasios Asimakopulos Publisher: Springer Science & Business Media ISBN: 9400926618 Category : Business & Economics Languages : en Pages : 258
Book Description
This book brings together the work of scholars who have written for it independent essays in their areas of particular expertise in the general field of income distribution. The first eight chapters provide a review of the major theories of income distribution, while the final two are con cerned with problems of empirical estimates and inferences. One of these chapters presents estimates of factor shares in national income in the United States, the United Kingdom and Canada, while the other ex amines how relationships between the size distribution of income and economic development are being investigated. A convenient way of conveying an understanding of how economic theorists have dealt with the distribution of income is to examine separ ately each major approach to this subject. Each contributor was thus assigned a particular approach, or a major theorist. No attempt was made to avoid the apparent duplication that occurs when the same references are examined by different contributors. The reader gains by seeing how the same material can be treated by those looking at it from different perspectives. A chapter each has been devoted to Marx and Marshall.
Author: K. R. Ranadive Publisher: Bombay : Oxford University Press ISBN: Category : Business & Economics Languages : en Pages : 376
Book Description
Monograph on the economics of income distribution, with particular reference to economic theory - discusses various theories (smith, ricardian, marxian, neo-classical, keynesian) in relation to cyclical behaviour of production functions, investment output ratios, saving trends, market structure and degree of monopoly, etc. Graphs and references.
Author: Nicole Gürtzgen Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper analyses whether wages in Germany respond to firm-specific profitability conditions. Particular emphasis lies on the question of whether the extent of rent-sharing varies across different systems of wage determination. Those may be categorised into sector-specific wage agreements, firm-specific wage agreements and wage determination without any bargaining coverage. To derive testable hypotheses, we set up a theoretical model that analyses the sensitivity of wages to firm-specific conditions under different wage setting structures. The hypotheses are tested using an establishment-level panel data set from the mining and manufacturing sector. The results of the empirical analysis generally suggest that rent-sharing is present in Germany. However, the extent of rent-sharing is found to be significantly lower in establishments that are subject to a collective wage agreement - irrespective of whether the agreement is industry- or firm-specific. While pooled OLS estimates yield positive estimates of the rent-sharing coefficient in establishments that are covered by a collective contract, SYS-GMM-estimates accounting for unobserved heterogeneity and endogeneity of rents point to a rent-sharing coefficient of zero.
Author: Alessia Matano
Author: Alessia Matano
Author: Nancy L. Rose
Author: Sabien Dobbelaere
Author: John Bates Clark
Author: Sabien Dobbelaere
Author: David Edward Card
Author: Athanasios Asimakopulos
Author: K. R. Ranadive
Author: Barbara Pistoresi
Author: Nicole Gürtzgen