The Fair Wage-Effort Hypothesis and Unemployment
提出公平工资-努力假说，认为工人实际工资低于公平工资时会按比例减少努力，这会导致失业，并解释横截面工资差异和失业模式。
This paper introduces the fair wage-effort hypothesis and explores its implications. This hypothesis is motivated by equity theory in social psychology and social exchange theory in sociology. According to the fair wage-effort hypothesis, workers proportionately withdraw effort as their actual wage falls short of their fair wage. Such behavior causes unemployment and is also consistent with observed cross-section wage differentials and unemployment patterns.