There is widespread dissatisfaction amongst employers with defined benefit pension schemes, and many are switching to defined contribution schemes. Career average is a form of defined benefit scheme that has a number of important advantages over final salary schemes. The comparison of career average and final salary schemes is a neglected area, and this paper offers one of the first in-depth an...

Before July 2009, salaries of the Members of the European Parliament (MEPs) were paid by their home country, and there were substantial salary differences between MEPs representing different countries. Starting in July 2009, salaries are pegged to 38.5% of a European Court judge’s salary, paid by the European Union. This created an exogenous change in salaries, the magnitude and direction of wh...

In this paper we consider the optimal management of an aggregated dynamic pension fund. There are n classes of workers whose salaries are stochastic.A portion of the salary is contributed to the funding process and the manager invests in a portfolio withm risky assets and a risk-free security. The main objective is to minimize the cost of contributions in a bounded horizon T and to maximize the...

Most graduating medical students in the United States obtain hospital residencies through the National Resident Matching Program ("NRMP"; http://www.nrmp.org/). The NRMP, or "Match" as it is usually called, is a centralized procedure that begins each year with hospitals defining residency positions, including the associated salaries. Both students and hospitals then submit rankings of potential...

Previous studies have indicated that discriminatory practices exist in the Information Technology profession. In this paper, we quantify the differences in the current hourly salaries of female software developers with their male counterparts using the human capital model based on economic theory. In addition to the gender factor, the human capital model includes other control variables that ma...

This paper replicates studies by Medoff and Abraham (1980, 1981) and Flabbi and Ichino (2001) using personnel data from the Dutch national aircraft manufacturer Fokker. It shows how a formal salary system, as is widely used by large firms, brings about that seniority-wage profiles are largely independent of controls for reported performance in crosssectional wage regressions even though supervi...