Inequality and Unemployment in a Global Economy
Elhanan Helpman
Oleg Itskhoki
Stephen Redding
Econometrica 2010
This paper develops a new framework for examining the determinants of wage distributions that emphasizes within-industry reallocation, labor market frictions, and differences in workforce composition across firms. More productive firms pay higher wages and exporting increases the wage paid by a firm with a given productivity. The opening of trade enhances wage inequality and can either raise or reduce unemployment. While wage inequality is higher in a trade equilibrium than in autarky, gradual trade liberalization first increases and later decreases inequality.
Copyright 2010 The Econometric Society.
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2010년 10월 7일 목요일
Ambiguity and Second-Order Belief
Ambiguity and Second-Order Belief
Kyoungwon Seo
Econometrica 2009
Anscombe and Aumann (1963) wrote a classic characterization of subjective expected utility theory. This paper employs the same domain for preference and a closely related (but weaker) set of axioms to characterize preferences that use second-order beliefs (beliefs over probability measures). Such preferences are of interest because they accommodate Ellsberg-type behavior.
Copyright 2009 The Econometric Society.
Kyoungwon Seo
Econometrica 2009
Anscombe and Aumann (1963) wrote a classic characterization of subjective expected utility theory. This paper employs the same domain for preference and a closely related (but weaker) set of axioms to characterize preferences that use second-order beliefs (beliefs over probability measures). Such preferences are of interest because they accommodate Ellsberg-type behavior.
Copyright 2009 The Econometric Society.
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