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9780674010758

Markets and Diversity

by
  • ISBN13:

    9780674010758

  • ISBN10:

    0674010752

  • Format: Hardcover
  • Copyright: 2004-07-15
  • Publisher: Harvard Univ Pr

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Summary

A staunch neoclassical economist, Sherwin Rosen drew inspiration from Adam Smith's Wealth of Nations, particularly his theory of compensating wage differentials, which Rosen felt was central to all economic problems involving product differentiation and spatial considerations. The main theme of his collection is how markets handle diversity, including the determination of value in the presence of diversity, the allocation of idiosyncratic buyers to specialized sellers, and the effects of heterogeneity and sorting on inequality. Rosen felt that good economics required combining simple but powerful concepts such as optimizing and equilibrium with careful empirical analysis. It was important for the relatively simple rules of behavior implied by rationality to have useful, empirically descriptive content and predictive power. If they did, it was often possible to infer underlying structure (tastes and technology, for example) from actual behavior. Using this approach, Rosen was able to develop powerful insights into such phenomena as the enormous salaries paid to sports and entertainment stars and top business executives. He also explored with fruitful results the premium paid to workers in risky jobs, learning and experience in the labor market, and other labor market phenomena.

Table of Contents

Publisher's Note vii
Introduction: Markets and Diversity 1(30)
PART I. The Value of Diversity
Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition
31(25)
Discrimination in the Market for Public School Teachers
56(35)
The Value of Saving a Life: Evidence from the Labor Market
91(37)
Learning and Experience in the Labor Market
128(21)
PART II. The Division of Labor and Human Capital
Substitution and Division of Labour
149(21)
Education and Self-Selection
170(35)
Specialization and Human Capital
205(10)
PART III. Diversity and the Distribution of Income
The Economics of Superstars
215(25)
Authority, Control, and the Distribution of Earnings
240(22)
Prizes and Incentives in Elimination Tournaments
262(25)
Rank-Order Tournaments as Optimum Labor Contracts
287(28)
Contracts and the Market for Executives
315(36)
Author Index 351(4)
Subject Index 355

Supplemental Materials

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