Risk Sharing in Labor Markets

Bigsten, Arne ; Collier, Paul ; Dercon, Stefan ; Fafchamps, Marcel ; Gauthier, Bernard ; Gunning, Jan Willem ; Oduro, Abena ; Oostendorp, Remco ; Pattillo, Cathy ; Soderbom, Mans ; Teal, Francis ; Zeufack, Albert

Washington, DC:World Bank

关键词: AVERAGE WAGE;    AVERAGE WAGES;    BARGAINING;    BARGAINING POWER;    BORROWING;   

DOI  :  10.1093/wber/lhg026
RP-ID  :  77416

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Empirical work in labor economics hasfocused on rent sharing as an explanation for the observedcorrelation between wages and profitability. The alternativeexplanation of risk sharing between workers and employershas not been tested. Using a unique panel data set for fourAfrican countries, Authors find strong evidence of risksharing. Workers in effect offer insurance to employers:when firms are hit by temporary shocks, the effect onprofits is cushioned by risk sharing with workers. Rentsharing is a symptom of an inefficient labor market. Risksharing; by contrast, can be seen as an efficient responseto missing markets. Authors evidence suggests that risksharing accounts for a substantial part of the observedeffect of shocks on wages.