Aggregation Bias in Elasticities of Substitution and the Minimum Wage Paradox
指出最低工资就业效应小（暗示技能类型间替代性低）与直接估计显示高替代性之间的矛盾，主要源于技能类型加总为宽泛类别导致的偏差。通过分配模型揭示偏差来源，美国估计显示互补弹性被低估达2.5倍，方法也可用于住房市场等质量类型接近替代的市场。
While the employment effects of minimum wages are usually reported to be small (suggesting low substitutability between skill types), direct estimates suggest a much larger degree of substitutability. This article argues that this paradox is largely due to a bias induced by the aggregation of skill types into broad categories. An assignment model is applied where skilled workers have a comparative advantage in complex jobs. The implied pattern of substitutability reveals the sources of the bias. Estimation results for the United States show elasticities of complementarity to be underestimated by up to a factor 2.5. The methods laid out likewise can be applied to other markets where different quality types are close substitutes, such as the housing market.