Psychic Payoffs, Overpriced Assets, and Underpaid Superstars
研究了心理回报（非金钱收益）如何导致劳动者（如艺术家、学者、运动员）和资产（如画作）被系统性地低付或高付，特别关注了超级明星的收入现象。
Summary Non‐pecuniary payoff is a significant component of the rewards to workers – artists, academics, and sports people – and to investments in assets, such as paintings. This paper explores the implications of partial input payment via psychic rewards under a range of assumptions concerning mobility and homogeneity of factors in markets for both labor and capital. Depending on these assumptions, we show systematic underpayment of inputs in some situations and overpayment in others. Particular attention is paid to the earnings of superstars. The paper is illustrated throughout by references to labor and capital employed by firms in the arts and in sport.