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This paper examines the relationship between technological progress and the riskiness of labor income using employer-employee matched income data from the United States. Results suggest innovation is associated with a substantial increase in the labor income risk, especially for workers at the...
Persistent link: https://www.econbiz.de/10012830807
We examine the relation between technological progress and the riskiness of labor income. Motivated by a simple model of creative destruction, we draw a distinction between technological innovation advanced by the firm, or its competitors. Using administrative data from the United States, we...
Persistent link: https://www.econbiz.de/10012832362
Persistent link: https://www.econbiz.de/10012221363
We examine the relation between technological progress and the riskiness of labor income. Motivated by a simple model of creative destruction, we draw a distinction between technological innovation advanced by the firm, or its competitors. Using administrative data from the United States, we...
Persistent link: https://www.econbiz.de/10012481921
Using administrative data from the United States, we document novel stylized facts regarding technological innovation and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor earnings for top workers. Decomposing this result, we...
Persistent link: https://www.econbiz.de/10013298228
Pay inequality between executives and workers accounts for a substantial fraction of overall pay inequality in the United States. We develop a general equilibrium model that delivers realistic fluctuations in pay inequality -- both between executives and workers, and among executives in...
Persistent link: https://www.econbiz.de/10012963814
This paper provides evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We define a drug candidate as novel if it is molecularly distinct from prior candidates. Using our measure, we show that firms face a risk-reward tradeoff when investing in novel...
Persistent link: https://www.econbiz.de/10012919316
We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these patents are distinct from previous work but are...
Persistent link: https://www.econbiz.de/10012907760
Persistent link: https://www.econbiz.de/10012878972
We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the stock market response to news about patents. Our patent- level estimates of private economic value are...
Persistent link: https://www.econbiz.de/10013066798