chap8 - Chapter 8: Compensating Wage Differentials...

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    Chapter 8: Compensating Wage  Differentials
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    Compensating Wage  Differentials differences in pay designed to  compensate for differences in non-wage  job characteristics
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    Compensating wage  differentials
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    Compensating wage  differentials
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    Compensating wage  differentials
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    Conditions for the existence of  compensating wage differentials workers maximize utility, not income, workers have perfect information, and sufficient labor mobility exists.
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    Hedonic Pricing Model a commodity is sold that possesses a bundle  of characteristics that vary across the  products that are offered for sale in the  market. only the price of the “bundle” of  characteristics is observed, not the price of  each individual characteristic. in the labor market, jobs differ in terms of a  variety of characteristics (including stress,  educational requirements, risk of injury, etc).
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    Indifference curves
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    Indifference curves
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    Differences in risk aversion
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    Isoprofit curves
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    Isoprofit curves
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    Differences in the cost of  reducing risk
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    Wage-offer curve
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    Wage-offer curve
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    Optimal matching
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    Optimal sorting
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    Optimal sorting
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    OSHA requirements
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    OSHA requirements
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chap8 - Chapter 8: Compensating Wage Differentials...

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