-period experiment. In equilibrium, firms will offer deferred compensation: first period productivity is positive and wages are zero …, while third period productivity is zero and wages are positive. The experiment produces strong evidence that deferred … there was a strong effort response to future-period wages. We also find some evidence of gift exchange; worker players …

wages to reflect this. Formal analysis supports the intuition. We use the dispersion of exam grades within a field of … education as an indicator of the heterogeneity that employers face. We find solid evidence that starting wages are lower if the … variance of exam grades is higher and that starting wages are lower if the skew is higher: employers shift quality risk to new …

Firms hiring fresh graduates face uncertainty on the future productivity of workers. Theory suggests that starting … wages reflect this, with lower pay for greater uncertainty. We use the dispersion of exam grades within a field of education … as an indicator of the unobserved heterogeneity that employers face. We find solid evidence that starting wages are lower …

-sponsored pension schemes than workers with general skills. Therefore it can be expected that workers with firm-specific skills retire …

with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower … find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … (votes) than all other blockholders together, pay their workers about 6%, or $2,200 per year, higher wages. Since cash flow …