A Behavioral Account of the Labor Market: The Role of Fairness Concerns
提出，考虑雇佣合同的不完全性和关系性，以及多数人具有参照依赖的公平关切，能更好理解劳动力市场现象。理论和实验表明，重复互动会放大公平关切对经济结果的影响，并探讨了公平对工资和努力的作用，以及最低工资等政策的影响。
In this paper, we argue that important labor market phenomena can be better understood if one takes (a) the inherent incompleteness and relational nature of most employment contracts and (b) the existence of reference-dependent fairness concerns among a substantial share of the population into account. Theory shows and experiments confirm that, even if fairness concerns were to exert only weak effects in one-shot interactions, repeated interactions greatly magnify the relevance of such concerns on economic outcomes. We also review evidence from laboratory and field experiments examining the role of wages and fairness on effort, derive predictions from our approach for entry-level wages and incumbent workers' wages, confront these predictions with the evidence, and show that reference-dependent fairness concerns may have important consequences for the effects of economic policies such as minimum wage laws.