Human capital, reservation wages and job competition : Heckman’s lambda re-interpreted
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CONTRIBUTORS:
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JOURNAL:
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YEAR:
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2001
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PUB TYPE:
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Journal Article
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SUBJECT(S):
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labour market; wage formation; human capital; job competition
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DISCIPLINE:
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Economics
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HTTP:
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LANGUAGE:
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English
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PUB ID:
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103-385-586
(Last edited on
2002/12/28 09:18:08 US/Mountain)
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SPONSOR(S):
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ABSTRACT:
This paper integrates insights from three theories into a single model explaning the simultaneous distribution of employment and wages. Human capital theory is taken as the general framework, whereas search theory and the more recent ‘crowding out’ hypothesis are used to explain selectivity in employment and the resulting bias in wage regressions.
An empirical test on Belgian data, using a two-stage probit-OLS model, indicates that the crowding theory dominates the search hypothesis for men. For women, it seems to be counterbalanced by relatively higher reservation wages, probably due to women’s different behaviour with respect to family responsibilities.
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