Labor Market Signaling and Self-Confidence: Wage Compression and the Gender Pay Gap
扩展了Spence的信号传递模型，假设部分工人过度自信或自信不足，发现这种偏差会压缩工资并加剧性别收入差距，但可能提升社会福利。
I extend Spence's signaling model by assuming that some workers are overconfident--they underestimate their marginal cost of acquiring education--and some are underconfident. Firms cannot observe workers' productive abilities and beliefs but know the fractions of high-ability, overconfident, and underconfident workers. I find that biased beliefs lower the wage spread and compress the wages of unbiased workers. I show that gender differences in self-confidence can contribute to the gender pay gap. If education raises productivity, men are overconfident, and women underconfident, then women will, on average, earn less than men. Finally, I show that biased beliefs can improve welfare.