Biographical Memoirs Volume 83 (2003) / Chapter Skim
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Sherwin Rosen
Sherwin Rosen
Pages 176-195
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Most economists would probably classify Rosen as among the twentieth century's finest labor economists because much of his work focused on labor markets. In labor markets, too, diversity is key.
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His parents met on a kosher ciairy farm in Quebec, Canada. Sherwin's father, foe, en cl his Uncle Harry jointly owned a hardware store en cl Sherwin spent a goocl bit of his chiTc~hooc!
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Gregg Lewis. The most important event of Sherwin's unclergracluate career consisted of a trip back to RoselancI, Illinois, where he met a girl namecl Sharon Girsburg from the north sicle of Chicago.
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visiting Professor teaching labor economics. Perhans eaualIv im -o ~ -- r · r red lo lo portent was our interaction In the ~;h~cago-style seminar at Harvarc!
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Sherwin had a number of offers to move elsewhere during his career, but Chicago was his soul. He spent summers en cl occasional winter months at the Hoover Institution at Stanford, but was unwilling to leave the Chicago department even for the beauty en cl climate of the San Francisco Bay area.
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This paper forms the basis for understanding diversity how the market solves the problem of matching buyers and sellers along many different dimensions of quality. Two examples help clarify the issues: one from the labor market en c!
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uncler which circumstances an investigator couIcl infer either preferences or cost technology. If consumers were iclentical, but firms clifferecl in their ability to provicle increasing horsepower at increaser!
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If, as is typical, both sicles of the market are heterogeneous, then the market prices provide neither the preferences nor costs of any given producer. This is because sorting occurs en cl the market facilitates this sorting.
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Furthermore, the Rosen approach allows a conceptually appropriate way to value nonmonetary amenities of a job. If firms that offer flexible hours pay $100 per clay less than those that require rigicl scheclules, we can say that the market value of flexibility is $100, that the marginal worker values flexibility at $100 en cl the cost to the marginal firm of offering flexibility is $100.
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Why are earnings skewocl so that the promotion from assistant vice-presiclent to vicepresiclent carries a Tower raise than the promotion from vice-presiclent to president? The basic iclea behind tournament theory is that a firm's internal labor market can be thought of in the metaphor of, say, a tennis tournament.
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en c! create equilibrium where a unique, optimal salary structure is cleterminecI.
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industries, which results in a large difference between the top en cl bottom wages in the firm. The mathematics of the tournament theory is perhaps the earliest application of game theory to the labor market.
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so many different areas in labor economics that it is impossible to discuss all of them. But it is important to feature the work that he clicl with Robert Willis on sorting in labor markets.
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eluding labor market segmentation, discrimination, agricultural economics, housing, occupational choice, risk, and product market pricing. His contributions were profound and will have lasting impact on the profession.
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friends. His career was cut short while he was still writing insightful papers, but the economics profession is fortunate
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important literature that stems from his work is his legacy. THE AUTHOR THANKS Sharon Rosen and Michelle Rosen for their input into this biography.
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:511-29. 1969 Trade union power, threat effects and the extent of organization.
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Male-female wage differentials in job ladders.
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