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TZOFFSETFROM:+0200
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DTSTART:20190331T010000
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DTSTART:20191027T010000
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DTSTART;TZID=Europe/Helsinki:20191017T001500
DTEND;TZID=Europe/Helsinki:20191017T133000
DTSTAMP:20260713T023805
CREATED:20190906T133600Z
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SUMMARY:Steven Berry (Yale University) - "Estimating Labor Market Power"
DESCRIPTION:CREST Microeconomics Seminar :  \n\nTime: 12:15 pm – 1:30pm\nDate: 17th Oct. 2019\nPlace: Room 3001.\nSteven Berry (Yale University) – “Estimating Labor Market Power” joint work with José Azar and Ioanna Marinescu.\nAbstract:\n“How much power do employers have to suppress wages below marginal productivity? It depends on the firm-level labor supply elasticity. Leveraging data on job applications from the large job board CareerBuilder.com\, we estimate the wage impact on workers’ choice among differentiated jobs in the largest occupations. We use a nested logit model of worker’s utility for applying to jobs with varying wages and characteristics\, including distance from the potential worker’s home. We account for the endogeneity of wages by using several different instrumental variable strategies. We find that failing to instrument results in implausibly low elasticities\, whereas plausible instruments result in more elastic estimates. Still\, the implied market-level labor supply elasticity is about 0.6\, while the firm-level labor supply elasticity is about 5.8. This implies that workers produce about 17% more than their wage level\, consistent with employers having significant market power even for the largest occupational labor markets.”\n\n\nOrganizers: \n\n\nRoxana Fernandez Machado (CREST)\, Marie Laure Allain (CREST)\, and Linda Schilling (CREST)\nSponsors:\nCREST\nLunch registration:\nfood provided\, no registration needed\n\n  \n
URL:https://crest.science/event/steven-berry-yale-university-estimating-labor-market-power/
LOCATION:3001
CATEGORIES:Microeconomics
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