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Career choice and the risk premium in the labor market

机译：职业选择与劳动力市场的风险溢价

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摘要

We find a strong, robust, and positive correlation between average earnings and the standard deviation of both temporary and permanent idiosyncratic shocks to earnings across 19 US industries. Is this compensation for risk or for unobserved abilities? To answer this question we embed a Roy model into an incomplete markets equilibrium framework that features risk averse individuals who face industry -specific idiosyncratic shocks to their labor earnings. The interaction between earnings shocks and an individual's comparative advantage determines the optimal industry choice. Compensation for permanent shocks to labor earnings represents about two thirds of the observed correlation. There is no compensation for temporary risk. Compensation for risk explains about 40% of observed cross-industry differences in residual labor earnings. Additionally, workers accumulate different levels of wealth depending on their chosen industry. (C) 2017 Elsevier Inc. All rights reserved.
机译：我们在平均收益与临时和常规特质休克对19个美国行业的盈利之间的标准偏差方面找到了强大，强劲的，持久的相关性。 这种风险还是未被观察的能力赔偿？ 为了回答这个问题，我们将一个罗伊模型融入了一个不完整的市场均衡框架，该框架具有面对行业特异性特质对其劳动收益的风险厌恶个人。 盈利冲击与个人比较优势之间的互动决定了最佳的行业选择。 对劳动收益的永久性冲击赔偿约为观察到的相关性的三分之二。 没有赔偿临时风险。 赔偿风险赔偿在剩余劳动收益中观察到的跨行业差异的约40％。 此外，工人根据他们所选的行业积累了不同的财富。 （c）2017年Elsevier Inc.保留所有权利。

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