Wage Indexation and Compensating Wage Differentials
检验了工资指数化理论，发现美国制造业工人为获得生活成本调整条款（Cola）支付了2%至22%的实际工资溢价，其中2%的估计值与工人风险规避程度和工会工资差异的现有研究一致。
A stractThe theory of wage indexation implies that if workers are more risk averse than firms, then workers will pay a price in order to obtain wage indexation. This prediction is tested on a sample of 3,115 U.S. manufacturing collective bargaining negotiations from 1967 to 1982. The dependent variable is the expected real wage level taking into account expected cost of living payments (Colas). Using instrumental variables or fixed effects techniques to account for the endogeneity of indexation, ve find a 2% to 22% real wage premium paid to get a Cola. However, the 2% figure is most consistent with existing estimates of worker risk aversion and union-nonunion wage differentials.