The Returns to Seniority in the Labor Market for Academic Economists
نویسندگان
چکیده
This paper empirically explores the idea that the labor market for academic economists is possibly monopsonistic whereby employers can exploit the heterogeneity of employees to lower the returns to seniority. We estimate the returns to seniority in wage equations from censored salary data generated by grant applications submitted to the National Science Foundation Economics Program. Our results reveal that for academic economists, the returns to seniority are negative. This suggests that the labor market for economics faculty is monopsonistic with employers able to engage in salary discrimination as a result of heterogeneity in employee moving costs. JEL Classification: J0, J3, J4, J6 ∗ Associate Professor, Department of Economics, Merrick Hall 202-C, North Carolina A&T State University, Greensboro, NC 27411. email: [email protected], Tel.: (336) 334-7744. ∗∗ Program Director, Economics, National Science Foundation, email: [email protected], Tel.: (703) 292-7267, and Associate Professor, Department of Economics, University of Mississippi, University MS, 38677. We are grateful to Melissa Rawson for invaluable research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of the National Science Foundation. THE RETURNS TO SENIORITY IN THE LABOR MARKET FOR ACADEMIC ECONOMISTS
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