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In this paper we examine the factors affecting the structure
of executives‘ compensation packages. We focus particularly on the role of
various types of delayed compensation as means of "bonding" executives to
their firms.
The basic problem is to design…

This paper investigates cyclicality in real wages between 1969 and 1982,
using 14 years of data from the Panel Survey of Income Dynamics. First, it
investigates the extent to which movements in and out of the labor market
created apparent…

During the 1980s wage differentials between younger and older
workers and between more and less educated workers expanded
rapidly. Wage dispersion among individuals with the same age
and education also rose. A simple explanation for both sets of
facts is…

In this study we examine the experience of a single large hospital with an
informal pre-litigation “complaint” process that resolves some cases outside of the legal
system. The empirical results are generally consistent with an information structure where
patients are…

This paper assesses the ability of a simple search—theoretic
model to explain the results of two controlled reemployment bonus
experiments. The availability of two independent experiments
with substantially different treatments allows for a rigorous
test of the model. Parameters of…

This paper uses aggregate birth year/calendar year level data derived
from the Current Population Survey (CPS) to estimate the effect of Social
Security wealth on the labor supply of older men in the l970s and 1980s.
The analysis focuses on…

Two approaches to estimation and testing of fixed effects models are
commonly found in the econometrics literature. The first involves variations on
instrumental variables. The second, a Minimum Chi-Square (MCS) procedure
introduced by Chamberlain, minimizes a quadratic form in the…

Veterans of World War II are widely believed to earn more than
nonveterans of the same age. Theoretical justifications for the World War
II veteran premium include the subsidization of education and training, and
preference for veterans in hiring. In…

In this paper we provide theoretical and empirical analyses of an
asymmetric-information model of layoffs in which the current employer is
better informed about its workers’ abilities than prospective employers
are. The key feature of the model is that when…