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Articles 1 - 21 of 21
Full-Text Articles in Labor Economics
Spatial Equilibrium In The Labor Market, Philip E. Graves
Spatial Equilibrium In The Labor Market, Philip E. Graves
PHILIP E GRAVES
The paper discusses two approaches to spatial equilibrium in the labor market. The more traditional approach of labor economics assumes wage differentials represent arbitrageable differences in utility, with implications 1) that migration should be toward higher wage areas and 2) that migration flows will lead to convergence in wages over space. The more recent approach of urban/regional economics follows Roback in examining the implications of assumed equilibrium in utility over space. In this view wage differentials are compensatory (along with rent differentials) for amenity variation over space. The implications for wage convergence over space are complicated, but in general there …
The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves
The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves
PHILIP E GRAVES
Benefit-cost analysts attempt to compare two states of the world, the status quo and a state in which a policy having benefits and costs is being contemplated. For environmental policies, this comparison is greatly complicated by the difficulty in inferring the values that individuals place on an increment to environmental quality. Unlike ordinary private goods, environmental goods are not directly exchanged in markets with observable prices. In this chapter, the hedonic approach to inferring the benefits of an environmental policy is examined.
Spatial Equilibrium In Labor Markets, Philip E. Graves
Spatial Equilibrium In Labor Markets, Philip E. Graves
PHILIP E GRAVES
Over long periods of human history, labor market equilibrium involved movements from low-wage areas to high-wage areas, a form of arbitrage under the implicit view that wage differentials corresponded to utility differentials. This “labor economics” view is likely to be viable as long as movement and information costs are high, and under this view the movements would be expected to cause wage convergence over space. In recent decades, perhaps beginning as early as the 1960’s, both the out of pocket and psychological costs of movement have plummeted with advances in transportation and communication technology and innovation. In addition, these same …
The Peculiar Immobility: Regional Affinity And The Postbellum Black Migrant, Philip E. Graves, Robert L. Sexton, Richard Vedder
The Peculiar Immobility: Regional Affinity And The Postbellum Black Migrant, Philip E. Graves, Robert L. Sexton, Richard Vedder
PHILIP E GRAVES
Why did newly freed slaves and their descendants wait a half a century before migrating in large numbers to the superior economic opportunities in the North? Census lifetime migration data on both movers and stayers are examined intertemporally for both whites and blacks. Regression analysis reveals that before 1920 Southern blacks had a very strong affinity for the "Southern way of life."
The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves
The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves
PHILIP E GRAVES
There is no abstract for this book chapter.
A Note On The "Union Effect" In Vsl Studies, Philip E. Graves
A Note On The "Union Effect" In Vsl Studies, Philip E. Graves
PHILIP E GRAVES
Viscusi and Aldy (2003) observe that “most studies of the U.S. labor market find that union affiliation is positively correlated with a greater wage-risk tradeoff while international evidence is much more mixed.” They provide several arguments as to why the risk premium might be higher for union members (marginal versus average worker preference, the quasi-public good nature of workplace safety, and better safety information for the unionized). An alternative explanation–concentration of union membership in undesirable locations–can account for both the apparent higher risk premium in union jobs in the United States and the failure to find that gap in the …
If The Large Wta-Wtp Gap For Public Goods Is Real (And There Are Good Reasons To Think So) Conventional Welfare Measures Are Simply Incorrect, Philip E. Graves
If The Large Wta-Wtp Gap For Public Goods Is Real (And There Are Good Reasons To Think So) Conventional Welfare Measures Are Simply Incorrect, Philip E. Graves
PHILIP E GRAVES
A robust finding in economics is that decision-makers often exhibit a much smaller dollar willingness to pay (WTP) for an item than the minimum amount that they claim to be willing to accept (WTA) to part with it. The spread between these two numbers is particularly large for public goods, raising serious public policy concerns regarding which number, if either, is appropriate for valuing such goods. A traditional utility maximizing model is presented here that predicts–as both measures are currently calculated–that WTA will exceed WTP, quite plausibly by a substantial amount for public goods. Moreover, it is shown here that …
The Economics Of Ghost Towns, Philip E. Graves, Stephan Weiler, Emily E. Tynon
The Economics Of Ghost Towns, Philip E. Graves, Stephan Weiler, Emily E. Tynon
PHILIP E GRAVES
The ghost towns of the American West are both intriguing historical artifacts and reflections of unique economic forces at work. In this study we develop linked labor and housing market models balancing the wages, rents, and local amenities of isolated boomtown sites to better understand the sources of such communities’ dramatic cycles. High variance boom-towns provide a unique context for investment in housing and other foundational infrastructure, leading directly to the unusually transient local development patterns seen in ghost town settings. We use Colorado-based case studies to illustrate the relevance of the model. Comparisons with more modern rural settings in …
Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton
Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton
PHILIP E GRAVES
This paper discusses the use of hedonic techniques to theoretically and empirically understand the wages of higher education faculty. The paper first presents theoretical models of department and faculty choice. These models represent a synthesis of prior work in the hedonic area. The models imply a hedonic wage equation for faculty with wages dependent on productivity, departmental amenities and locational amenities. The theoretical discussion is followed by exploratory and illustrative empirical work. In summary, the reported regressions show that increased teaching loads and secretaries per faculty member tend to decrease salaries while increasing referred journal articles, hotter than average summers, …
Examining The Role Of Economic Opportunity And Amenities In Explaining Population Redistribution, Peter R. Mueser, Philip E. Graves
Examining The Role Of Economic Opportunity And Amenities In Explaining Population Redistribution, Peter R. Mueser, Philip E. Graves
PHILIP E GRAVES
This paper develops a model of migration integrating equilibrium and disequilibrium components in which individuals and firms form rational expectations about future opportunities. Levels of migration are derived as functions of variations in factors influencing migrant labor demand ("economic opportunity") and migrant labor supply ("residential amenities"). The model is used to estimate the extent to which migration in the United States over the period 1950-1980 is determined by these two classes of exogenous factors.
Union Myopia And The Taxation Of Capital, Dwight Lee, Robert L. Sexton, Philip E. Graves
Union Myopia And The Taxation Of Capital, Dwight Lee, Robert L. Sexton, Philip E. Graves
PHILIP E GRAVES
After an extensive discussion of the nature of the interactions among unions, corporations, and government, we find that government in granting privileges to workers organized into unions implicitly taxes capital formation. The result has been to lessen the attention business decisions pay to the future, to substitute excessive wages for appropriate capital investment, and to reduce the competitive vitality of major U.S. industries.
The Role Of Equilibrium And Disequilibrium In Modeling Regional Growth And Decline: A Critical Reassessment, Philip E. Graves, Peter R. Mueser
The Role Of Equilibrium And Disequilibrium In Modeling Regional Growth And Decline: A Critical Reassessment, Philip E. Graves, Peter R. Mueser
PHILIP E GRAVES
The assumption of interregional equilibrium in migration research has recently been attacked. At issue is the motivation for on-going migration if rents and wages accurately compensate for spatial amenity variations; but if rents and wages fail to accurately compensate potential migrants, then amenity valuations must be flawed. We here show that arguments supporting substantial disequilibrium in the U.S. economy are unconvincing. The substantive issues are then clarified by a model which allows for both equilibrium and disequilibrium migration. We conclude that intertemporally systematic migration stems predominantly from equilibrium forces.
Multimarket Amenity Compensation And The Behavior Of The Elderly, Philip E. Graves, Donald M. Waldman
Multimarket Amenity Compensation And The Behavior Of The Elderly, Philip E. Graves, Donald M. Waldman
PHILIP E GRAVES
There is no abstract for this work.
On The Role Of Amenities In Models Of Migration And Regional Development, Philip E. Graves
On The Role Of Amenities In Models Of Migration And Regional Development, Philip E. Graves
PHILIP E GRAVES
See manuscript for full abstract.
A Note On Interfirm Implications Of Wages And Status, Philip E. Graves, Dwight Lee, Robert L. Sexton
A Note On Interfirm Implications Of Wages And Status, Philip E. Graves, Dwight Lee, Robert L. Sexton
PHILIP E GRAVES
This paper does not have an abstract, but examines inter-firm implications of some prior explorations into the nature of wages and status by Robert Frank.
Development, Mobility And Slavery: Real Income And Spatial Equilibrium In The Postbellum South, Philip E. Graves, Robert L. Sexton
Development, Mobility And Slavery: Real Income And Spatial Equilibrium In The Postbellum South, Philip E. Graves, Robert L. Sexton
PHILIP E GRAVES
The paper lacks an abstract but provides additional insights into why blacks remained in the South for so long following the Emancipation Proclamation leading to the abolition of slavery in the United States.
Migration With A Composite Amenity: The Role Of Rents, Philip E. Graves
Migration With A Composite Amenity: The Role Of Rents, Philip E. Graves
PHILIP E GRAVES
There is no abstract for this work.
Migration And Job Change: A Multinomial Logit Approach (Jue 1983), Peter D. Linneman, Philip E. Graves
Migration And Job Change: A Multinomial Logit Approach (Jue 1983), Peter D. Linneman, Philip E. Graves
PHILIP E GRAVES
See paper for the full abstract.
A Life-Cycle Empirical Analysis Of Migration And Climate, By Race (Jue 1979), Philip E. Graves
A Life-Cycle Empirical Analysis Of Migration And Climate, By Race (Jue 1979), Philip E. Graves
PHILIP E GRAVES
There is no abstract for this work.
Household Migration: Theoretical And Empirical Results, Philip E. Graves, Peter D. Linneman
Household Migration: Theoretical And Empirical Results, Philip E. Graves, Peter D. Linneman
PHILIP E GRAVES
See article for detailed abstract.
Overurbanization And Its Relation To Economic Growth For Less Developed Countries, Philip E. Graves, Robert L. Sexton
Overurbanization And Its Relation To Economic Growth For Less Developed Countries, Philip E. Graves, Robert L. Sexton
PHILIP E GRAVES
This paper does not have an abstract but examines the role of urbanization and over-urbanization in economic growth and decline in the developing world.