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Search Equilibrium, Production Parameters and Social Returns to Education

Andrey LaunovChristian Holzner

出版	IZA, 2005
URL	http://books.google.com.hk/books?id=PM32mgEACAAJ&hl=&source=gbs_api

註釋

"We introduce different skill groups and production functions into the Burdett-Mortensen equilibrium search model. Supermodularity in the production process leads to a positive intrafirm wage correlation between skill groups. Theory implies that increasing returns to scale can lead to a unimodal earnings density with a decreasing right tail even in the absence of productivity dispersion. Our empirical results indicate economy-wide increasing returns to scale. We use the structural estimates of the production parameters to investigate whether private returns to education equal social returns. Our estimates suggest a positive welfare effect from increasing the share of medium-skilled agents in the workforce"--Forschungsinstitut zur Zukunft der Arbeit web site.