Risk Sharing in Labor Markets
利用四个非洲国家的独特面板数据，研究发现工人与雇主之间存在显著的风险分担，工人为雇主提供保险以缓冲临时冲击对利润的影响，且风险分担解释了冲击对工资的大部分影响。
Empirical work in labour economics has focused on rent sharing as an explanation for the observed correlation in cross-sections between wages and profitability. The alternative explanation of risk sharing between workers and employers has not been tested. Using a unique panel data set for four African countries we find strong evidence of risk sharing. Workers in effect offer insurance to employers: when firms are hit by temporary shocks the effect on profits is cushioned by risk sharing with workers. Rent sharing is a symptom of an inefficient labor market. Risk sharing, however, can be seen as an efficient response to missing markets. Our evidence suggests that risk sharing accounts for a substantial part of the observed effect of shocks on wages.