主题：Risk premium and risk endogeneity in the labor markets in east China and Taiwan

主讲人：台湾“中央研究院”经济研究所萧代基(Daigee Shaw)教授

主持人：西南财经大学发展研究院余津嫺副教授

时间：2018年10月22日（周一）上午10:30—12:00

地点：西南财经大学柳林校区经世楼B308

主办单位：发展研究院 公共管理学院 科研处

主讲人简介：

萧代基教授为密西根大学资源政策经济与管理博士，现任台湾“中央研究院”经济所研究员、台北大学与政治大学教授。萧教授的研究领域为环境与资源经济学，曾担任台湾经济研究院顾问、EEPSEA Advisory Committee Member、EAAERE主席，并在高影响因子的国际期刊上如AER、JEEM、Journalof Econometrics、AJAE等期刊上发表多篇研究论文。

内容提要：

We use the hedonic wage method and the data of the Panel Study of Family Dynamics (PSFD) of Academia Sinica, combined with the risk data by industry, to estimate risk premiums in the labor markets in east China and Taiwan. We adopt simultaneous equations models (SEMs) and fixed effect models (FE) for China and Taiwan, respectively, to address the risk endogeneity problem, which has been ignored by previous hedonic wage studies in China and Taiwan.

With the data of PSFD 2004 in three Chinese provinces of Zhejiang, Shanghai, and Fujian, the statistically significant risk premiums found indicate that previous hedonic studies seriously underestimate risk premiums in China. We also see evidence of the income effect on the individual level, i.e., those with higher income are more likely to choose safer jobs.

Using the 1999-2014 PSDF panel data in Taiwan, we also find statistically significant risk premiums. The fact that the risk elasticity of labors is larger than that of managers/professionals indicates the existence of the income effect. Furthermore, we find that workplace amenity in climate and air quality, in addition to worker characteristics and job characteristics, also affect one's wage. Workers are paid less for workplaces with disamenities such as higher temperatures in the summer and worse air quality.