Bargaining Models and Identifying the Wage Equation

Graeme Chamberlin, Stephen Hall and Brian Henry
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Graeme Chamberlin: University of Oxford

No 43, Royal Economic Society Annual Conference 2002 from Royal Economic Society

Abstract: It is commonly asserted that the standard wage equation derived from bargaining theory cannot be identified. Here, it is argued that the case for this alleged failure rests on an outmoded definition of identification. Newer concepts based on non-stationarities, cointegration and reduced rank are appropriate. An empirical example applying these concepts shows that the standard model can be derived and that far from being underidentified, it is actually overidentified.

Date: 2002-08-29
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