Econometrica: Jul 1968, Volume 36, Issue 3
Short-Run Employment Variation on Class-I Railroads in the U.S., 1947-1963
Sherwin RosenTwo hypotheses concerning short-run employment variation are put forth, one relating to the extent of specific investment in workers and the other to substitution with fixed factors. Both are used to explain occupational (skill) differences in short-run employment experience among railroad workers. Implications of these investments for the demand, variability, and timing of hours of work per man are developed and tested, and substitution parameters are estimated from cross-section data.
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