The Trade-Off between Wages and Wage Growth
利用纵向数据检验补偿性工资差异理论，发现当前工资与未来工资增长之间存在强烈的反向关系，且这种权衡随教育水平变化。
This paper tests the theory of compensating differentials by estimating the sacrifice in current earnings necessary to acquire employment leading to future wage growth. Utilizing longitudinal data, the predicted value of each individual's actual wage growth subsequent to the current period is related to the current wage. The results indicate a strong, inverse relationship between current earnings and the amount of future wage growth purchased. The magnitude of this trade-off between current and future earnings varies with schooling, as does the total amount of current earnings capacity invested in wage growth. These findings are then compared to related results in the human capital production function literature.