Pensions and Wages: An Hedonic Price Theory Approach

Edward B. Montgomery, Kathryn Shaw and Mary Ellen Benedict

No 3458, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines whether a tradeoff exists between the level of pension benefits and wages for comparably skilled workers. The 1983 survey of Consumer Finances is used to match detailed information on pension plans to detailed personal characteristics of a random sample of the population. The pension wage tradeoff is estimated using both a life-tine or contractual model of the labor market and the spot market model used in previous studies. The results indicate a large negative tradeoff in the contractual model but only a negligible tradeoff in the spot market model. Results from estimating the underlying structural supply and demand equation for pensions are also presented.

Date: 1990-10
Note: LS
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Citations: View citations in EconPapers (7)

Published as International Economic Review Volume 33, no. 1, pp.111-128 February 1992

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