Are Public Sector Workers More Risk Averse Than Private Sector Workers?
利用密歇根大学收入动态面板研究中的风险厌恶指标，通过probit分析检验了风险厌恶程度高的个体更可能选择公共部门就业的假设，结果支持该假设，暗示同等岗位的跨部门薪酬平等政策会导致公共部门劳动力过剩。
Available evidence suggests that stability of employment is greater in the public sector than in the private sector.The value that individuals place on tbis stability depends on tbe individual's degree of risk aversion.Economic reasoning suggests tbat, otber tbings equal, tbose individuals witb a high degree of aversion to risk will be more likely tban otbers to seek employment in the public sector.This paper tests tbat hypothesis tbrougb tbe use of probit analysis and a measure of risk aversion developed in ibe University of Micbigan's Panel Study of Income Dynamics.The results tend to confirm tbe bypotbesis, implying tbat a policy of intersectoral equality of pay for comparable jobs would result inanexcesssupplyof workers to tbe public sector.A NUMBER of recent studies by Sharon Smith, among others, have compared public sector and private sector pay levels.'These studies conclude that government workers on average receive higher pay than workers in the private sector with equivalent human capital.^If one assumes that workers