Description
Book SynopsisA neoclassical economist, Rosen drew inspiration from Smith’s theory of compensating wage differentials. The main theme of this collection is how markets handle diversity, including determination of value in the presence of diversity, allocation of idiosyncratic buyers to specialized sellers, and effects of heterogeneity and sorting on inequality.
Trade ReviewSherwin Rosen was highly creative and thought deeply about economic questions. This collection of some of his most important articles on compensating differences in labor and product markets, superstars, the value of life, investment in human capital, and other important economic questions is still fresh and stimulating. I expect his influence on economic thinking to grow. There is no better way to get into his work than to read
Markets and Diversity. -- Gary S. Becker, Nobel Laureate in Economics
Table of ContentsPublisher's Note Introduction: Markets and Diversity Part I 1. Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition 2. Discrimination in the Market for Public School Teachers 3. The Value of Saving a Life: Evidence from the Labor Market 4. Learning and Experience in the Labor Market Part II 5. Substitution and Division of Labour 6. Education and Self-Selection 7. Specialization and Human Capital Part III 8. The Economics of Superstars 9. Authority, Control, and the Distribution of Earnings 10. Prizes and Incentives in Elimination Tournaments 11. Rank-Order Tournaments as Optimum Labor Contracts 12. Contracts and the Market for Executives Index
