Estimation of the Wage and Employment Equation Model on Urban Labor Market by the Simultaneous Maximum Likelihood Method

Xiao Du and Zhang Hao

International Journal of Business and Management, 2017, vol. 12, issue 4, 231

Abstract: This paper estimates wage and employment equation model on urban labor market by the simultaneous maximum likelihood method with CHIP-2002. The results show- human capital, personal ability and father’s education background of a person will affect his/her market wage; Partner’s income and preschool children have a negative effect on female employment probability but have no effect on male employment probability; Female return rate to education is 9.65% and employment elasticity to wage is 1.27; Male return rate to education is 5.93% and employment elasticity to wage is 0.45; Conventional Heckman two step procedure and Probit MLE underestimate the return rate to education and employment elasticity to wage.

Date: 2017
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