Impact of Market Concentration on Employment and Wages: a Look at the Insurance Industry

IF 0.5 Q4 ECONOMICS ATLANTIC ECONOMIC JOURNAL Pub Date : 2018-06-26 DOI:10.2139/ssrn.3203103

Ghanshyam Sharma, K. Rotthoff

引用次数: 0

Abstract

The falling share of labor in national income is a global concern. This study examined the impact of changes in market concentration ratios in the insurance industry on employment, the share of wages, sales (premiums), and annual wages. Panel data were analyzed for the period 2001 to 2012 for the life, property, and health insurance industries, available from the Bureau of Economic Analysis, Bureau of Labor Statistics, and SNL Financial Analysis database. Using a fixed effects model, we found that higher market concentration was associated with lower employment in the industry and a lower share of wages. However, there was no statistically significant association between concentration and average annual wage. Moreover, there was evidence that market concentration is positively associated with higher total sales (premiums received by the companies). Thus, we conclude that lower employment is not driven by the poor economic performance of the industry.

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市场集中度对就业和工资的影响:以保险业为例

劳动收入在国民收入中所占比例的下降是一个全球性问题。本研究考察了保险业市场集中度的变化对就业、工资份额、销售额(保费)和年收入的影响。对2001年至2012年期间人寿、财产和健康保险行业的面板数据进行了分析，这些数据可从经济分析局、劳工统计局和SNL金融分析数据库获得。利用固定效应模型，我们发现较高的市场集中度与较低的行业就业和较低的工资份额相关。然而，集中度与平均年工资之间没有统计学上的显著关联。此外，有证据表明，市场集中度与更高的总销售额(公司收到的溢价)呈正相关。因此，我们得出的结论是，较低的就业率并不是由该行业糟糕的经济表现驱动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

ATLANTIC ECONOMIC JOURNAL ECONOMICS-

CiteScore

1.30

自引率

16.70%

发文量

期刊介绍： The Atlantic Economic Journal (AEJ) has an international reputation for excellent articles in all interest areas, without regard to fields or methodological preferences. Founded in 1973 by the International Atlantic Economic Society, a need was identified for increased communication among scholars from different countries. For over 30 years, the AEJ has continuously sought articles that traced some of the most critical economic changes and developments to occur on the global level. The journal''s goal is to facilitate and synthesize economic research across nations to encourage cross-fertilization of ideas and scholarly research. Contributors include some of the world''s most respected economists and financial specialists, including Nobel laureates and leading government officials. AEJ welcomes both theoretical and empirical articles, as well as public policy papers. All manuscripts are submitted to a double-blind peer review process. In addition to formal publication of full-length articles, the AEJ provides an opportunity for less formal communication through its Anthology section. A small point may not be worthy of a full-length, formal paper but is important enough to warrant dissemination to other researchers. Research in progress may be of interest to other scholars in the field. A research approach ending in negative results needs to be shared to save others similar pitfalls. The Anthology section has been established to facilitate these forms of communication. Anthologies provide a means by which short manuscripts of less than 500 words can quickly appear in the AEJ. All submissions are formally reviewed by the Board of Editors. Officially cited as: Atl Econ J