TY  - RPRT
        AU  - MacLeod, W. Bentley
AU  - Parent, Daniel
        TI  - Transactions Costs and the Employment Contract in the US Economy
        PY  - 2013/Mar/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 7306
        UR  - https://www.iza.org/index.php/publications/dp7306
        AB  - In this paper we adapt the model of MacLeod (2007) to provide one way to formally implement some of Williamson's ideas regarding the effect of transactions costs upon employment relationship. We then explore the empirical implications of this model with a data set that measures job characteristics using the Dictionary of Occupational Titles (DOT), and merge this data set with the Panel Study on Income Dynamics (PSID). We find that viewing the data through the lens of transactions costs economics provide a useful way to organize the data on compensation in the US labor market.
        KW  - compensation
KW  - transactions costs
KW  - labor markets
        ER  -