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Sherwin Rosen

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This work led to many unexpected insights on the effects of government policy. For example, the minimum wage might not decrease employment, as economists commonly believed, but it might induce employers to provide less on-the-job training to employees. In addition to implications for policy, Rosen's analysis of choice in characteristics space with tied sales specified the conditions under which the parameters of demand and supply function parameters for the underlying characteristics of goods could be deduced from so-called
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buying a bit of another product with the same characteristics but in different proportions. The reason was that sometimes when you buy something, you are selling something at the same time and are able to sell uniquely to one purchaser. Recombining goods to balance characteristics to suit your tastes is not possible. Rosen called such exchanges tied-sales.
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In his 1974 and 1986 articles Sherwin Rosen asked what would happen if you were limited in how you could move about through characteristics space. Rosen pointed out that sometimes when buying a product with several underlying characteristics you could not just go out and span characteristics space by
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Rosen showed that tied sales could lead to the segregation of people by their types. He argued that the worst effects of segregation could be palliated by a market that resolved supply and demand of complicated tied sales situations through a monetary payment he called an "equalizing difference".
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Sherwin (1974), "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition",
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and colleague to an impressive range of celebrated economists including friend
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Distinguished fellows of the American Economic Association
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Members of the United States National Academy of Sciences
264:(September 29, 1938 – March 17, 2001) was an American 519:(National Academies Press, 2003), pp. 176–195. 302:in 1960, his M.A. and Ph.D. in economics from the 1802: 490:The Apprentice Economist: Seven Steps to Mastery 309:He was chair of the Economics department at the 1871:Presidents of the American Economic Association 964:Presidents of the American Economic Association 600: 948: 586: 527:. Online versioni retrieved January 13, 2007. 331: 509:posted at the University of Chicago website. 387: 955: 941: 593: 579: 388:Willis, Robert J.; Rosen, Sherwin (1979), 298:Rosen received his B.S. in economics from 449: 69:Learn how and when to remove this message 32:This article includes a list of general 435: 359: 1803: 936: 574: 492:. Cooper-Wolfling Press. p. 132. 487: 328:on March 17, 2001, at the age of 62. 1881:Journal of Political Economy editors 1846:Krannert School of Management alumni 360:Sherwin (1999), "Potato Paradoxes", 18: 13: 1866:Fellows of the Econometric Society 38:it lacks sufficient corresponding 14: 1892: 1821:American people of German descent 500: 353: 1836:21st-century American economists 1831:20th-century American economists 438:The Journal of Political Economy 23: 423:"The Economics of Superstars", 306:in 1962 and 1966 respectively. 481: 390:"Education and Self-Selection" 1: 1856:University of Chicago faculty 553:American Economic Association 517:Biographical Memoirs, Vol. 83 474: 293:American Economic Association 1851:University of Chicago alumni 397:Journal of Political Economy 362:Journal of Political Economy 319:National Academy of Sciences 7: 602:Chicago school of economics 167:Chicago School of Economics 10: 1897: 512:Lazear, Edward P. (2003). 332:Contributions to economics 1826:American labor economists 1643: 1476: 1315: 1228:Oliver M. W. Sprague 1154: 1017: 970: 879: 831: 788: 725: 697: 644: 608: 559: 546: 538: 533: 326:Bernard Mitchell Hospital 248: 243: 239: 228: 196: 184: 172: 160: 150: 140: 135: 131: 112: 90: 83: 1841:Purdue University alumni 425:American Economic Review 317:. He was elected to the 1544:Charles P. Kindleberger 1282:Emanuel A. Goldenweiser 336:As Palda wrote in 2013 277:University of Rochester 234:IDEAS / RePEc 53:more precise citations. 1449:John Kenneth Galbraith 368:(6, pt. 2): S294–313, 343: 488:Palda, Filip (2013). 338: 311:University of Chicago 304:University of Chicago 291:and president of the 289:University of Chicago 273:University of Chicago 223:Jennifer Roback Morse 176:University of Chicago 155:University of Chicago 1502:Tjalling C. Koopmans 1115:Herbert J. Davenport 1025:Edwin R. A. Seligman 902:Julian Lincoln Simon 880:Business and finance 871:Frank H. Easterbrook 790:Public choice school 727:New social economics 699:New economic history 621:Henry Calvert Simons 1717:Christopher A. Sims 1616:Arnold C. Harberger 1580:Thomas C. Schelling 1538:Charles L. Schultze 1425:Kenneth E. Boulding 1377:Theodore W. Schultz 818:William A. Niskanen 348:hedonic regressions 281:Stanford University 124:South Side, Chicago 1431:William J. Fellner 1407:Joseph J. Spengler 1395:Gottfried Haberler 1365:George W. Stocking 1359:Morris A. Copeland 1246:Frederick C. Mills 1186:Matthew B. Hammond 1139:Wesley C. Mitchell 1121:Jacob H. Hollander 717:Robert M. Townsend 431:(5): 845–858, 1981 324:Rosen died at the 285:Hoover Institution 101:September 29, 1938 16:American economist 1798: 1797: 1753:Olivier Blanchard 1741:Robert J. Shiller 1711:Orley Ashenfelter 1687:Thomas J. Sargent 1634:Dale W. Jorgenson 1568:Joseph A. Pechman 1520:William J. Baumol 1490:Lawrence R. Klein 1484:Franco Modigliani 1401:George J. Stigler 1383:Paul A. Samuelson 1294:Joseph Schumpeter 1204:William Z. Ripley 1198:George E. Barnett 1162:Edwin W. Kemmerer 1085:Walter F. Willcox 1037:Jeremiah W. Jenks 984:Charles F. Dunbar 978:Francis A. Walker 930: 929: 922:Lars Peter Hansen 833:Law and economics 798:James M. Buchanan 569: 568: 560:Succeeded by 542:Dale W. Jorgenson 534:Academic offices 300:Purdue University 259: 258: 219:Antoinette Schoar 179:Purdue University 105:Chicago, Illinois 79: 78: 71: 1888: 1729:William Nordhaus 1669:Martin Feldstein 1657:Robert Lucas Jr. 1514:Moses Abramovitz 1461:Walter W. Heller 1455:Kenneth J. Arrow 1437:Wassily Leontief 1335:Calvin B. Hoover 1323:John H. Williams 1222:Alvin S. Johnson 1192:Ernest L. Bogart 1109:Henry B. Gardner 1091:Thomas N. Carver 1002:Arthur T. Hadley 957: 950: 943: 934: 933: 808:Randall Holcombe 770:Sudhir Venkatesh 679:Allan H. Meltzer 674:Harry G. Johnson 669:Phillip D. Cagan 631:Theodore Schultz 595: 588: 581: 572: 571: 563:Robert Lucas Jr. 539:Preceded by 531: 530: 514:"Sherwin Rosen," 494: 493: 485: 470: 453: 432: 419: 394: 384: 119: 100: 98: 81: 80: 74: 67: 63: 60: 54: 49:this article by 40:inline citations 27: 26: 19: 1896: 1895: 1891: 1890: 1889: 1887: 1886: 1885: 1801: 1800: 1799: 1794: 1777:Christina Romer 1675:Daniel McFadden 1639: 1628:D. Gale Johnson 1622:Robert W. Fogel 1610:Anne O. Krueger 1604:Victor R. Fuchs 1586:William Vickrey 1550:Alice M. Rivlin 1532:W. Arthur Lewis 1508:Robert M. Solow 1472: 1467:R. Aaron Gordon 1419:Milton Friedman 1389:Edward S. Mason 1371:Arthur F. Burns 1329:Harold A. Innis 1311: 1300:Howard S. Ellis 1276:I. Leo Sharfman 1270:Joseph S. Davis 1264:Albert B. Wolfe 1258:Edwin G. Nourse 1252:Sumner Slichter 1210:Harry A. Millis 1168:Thomas S. Adams 1150: 1127:Henry R. Seager 1097:John R. Commons 1067:Frank A. Fetter 1061:Henry W. Farnam 1055:Edmund J. James 1043:Simon N. Patten 1013: 966: 961: 931: 926: 917:Campbell Harvey 887:Harry Markowitz 875: 861:Richard Epstein 827: 784: 760:Kevin M. Murphy 721: 693: 654:Milton Friedman 640: 604: 599: 565: 556: 544: 503: 498: 497: 486: 482: 477: 451:10.1.1.517.5639 422: 392: 356: 334: 255: 221: 217: 213: 211:Kevin M. Murphy 209: 207:Justin Yifu Lin 205: 198: 186: 177: 173:Alma mater 162: 145:Labor economics 136:Academic career 127: 121: 117: 108: 102: 96: 94: 86: 75: 64: 58: 55: 45:Please help to 44: 28: 24: 17: 12: 11: 5: 1894: 1884: 1883: 1878: 1873: 1868: 1863: 1858: 1853: 1848: 1843: 1838: 1833: 1828: 1823: 1818: 1813: 1796: 1795: 1793: 1792: 1786: 1780: 1774: 1768: 1762: 1756: 1750: 1744: 1738: 1735:Richard Thaler 1732: 1726: 1723:Claudia Goldin 1720: 1714: 1708: 1702: 1696: 1690: 1684: 1681:George Akerlof 1678: 1672: 1666: 1660: 1654: 1647: 1645: 1641: 1640: 1638: 1637: 1631: 1625: 1619: 1613: 1607: 1601: 1595: 1589: 1583: 1577: 1571: 1565: 1559: 1556:Gary S. Becker 1553: 1547: 1541: 1535: 1529: 1526:Gardner Ackley 1523: 1517: 1511: 1505: 1499: 1496:Jacob Marschak 1493: 1487: 1480: 1478: 1474: 1473: 1471: 1470: 1464: 1458: 1452: 1446: 1440: 1434: 1428: 1422: 1416: 1410: 1404: 1398: 1392: 1386: 1380: 1374: 1368: 1362: 1356: 1353:Edwin E. Witte 1350: 1344: 1338: 1332: 1326: 1319: 1317: 1313: 1312: 1310: 1309: 1303: 1297: 1291: 1285: 1279: 1273: 1267: 1261: 1255: 1249: 1243: 1237: 1231: 1225: 1219: 1213: 1207: 1201: 1195: 1189: 1183: 1177: 1174:Fred M. Taylor 1171: 1165: 1158: 1156: 1152: 1151: 1149: 1148: 1145:Allyn A. Young 1142: 1136: 1130: 1124: 1118: 1112: 1106: 1100: 1094: 1088: 1082: 1076: 1070: 1064: 1058: 1052: 1049:Davis R. Dewey 1046: 1040: 1034: 1028: 1021: 1019: 1015: 1014: 1012: 1011: 1008:Richard T. Ely 1005: 999: 996:Henry C. Adams 993: 987: 981: 974: 972: 968: 967: 960: 959: 952: 945: 937: 928: 927: 925: 924: 919: 914: 912:Kenneth French 909: 904: 899: 894: 889: 883: 881: 877: 876: 874: 873: 868: 863: 858: 856:Richard Posner 853: 851:William Landes 848: 846:Aaron Director 843: 837: 835: 829: 828: 826: 825: 820: 815: 810: 805: 803:Gordon Tullock 800: 794: 792: 786: 785: 783: 782: 777: 772: 767: 762: 757: 752: 747: 742: 737: 731: 729: 723: 722: 720: 719: 714: 709: 707:Douglass North 703: 701: 695: 694: 692: 691: 686: 681: 676: 671: 666: 661: 656: 650: 648: 642: 641: 639: 638: 636:George Stigler 633: 628: 623: 618: 612: 610: 606: 605: 598: 597: 590: 583: 575: 567: 566: 561: 558: 545: 540: 536: 535: 529: 528: 510: 502: 501:External links 499: 496: 495: 479: 478: 476: 473: 472: 471: 460:10.1086/260169 433: 420: 409:10.1086/260821 385: 374:10.1086/250112 355: 354:Selected works 352: 333: 330: 315:Gary S. Becker 257: 256: 252:Joseph Epstein 249: 246: 245: 241: 240: 237: 236: 226: 225: 203:Richard Thaler 200: 194: 193: 191:H. Gregg Lewis 188: 182: 181: 174: 170: 169: 164: 161:School or 158: 157: 152: 148: 147: 142: 138: 137: 133: 132: 129: 128: 122: 120:(aged 62) 116:March 17, 2001 114: 110: 109: 103: 92: 88: 87: 84: 77: 76: 31: 29: 22: 15: 9: 6: 4: 3: 2: 1893: 1882: 1879: 1877: 1874: 1872: 1869: 1867: 1864: 1862: 1859: 1857: 1854: 1852: 1849: 1847: 1844: 1842: 1839: 1837: 1834: 1832: 1829: 1827: 1824: 1822: 1819: 1817: 1814: 1812: 1809: 1808: 1806: 1790: 1787: 1784: 1781: 1778: 1775: 1772: 1769: 1766: 1763: 1760: 1757: 1754: 1751: 1748: 1747:Alvin E. 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Black 1345: 1342: 1341:Simon Kuznets 1339: 1336: 1333: 1330: 1327: 1324: 1321: 1320: 1318: 1314: 1307: 1304: 1301: 1298: 1295: 1292: 1289: 1286: 1283: 1280: 1277: 1274: 1271: 1268: 1265: 1262: 1259: 1256: 1253: 1250: 1247: 1244: 1241: 1238: 1235: 1232: 1229: 1226: 1223: 1220: 1217: 1216:John M. Clark 1214: 1211: 1208: 1205: 1202: 1199: 1196: 1193: 1190: 1187: 1184: 1181: 1178: 1175: 1172: 1169: 1166: 1163: 1160: 1159: 1157: 1153: 1146: 1143: 1140: 1137: 1134: 1133:Carl C. Plehn 1131: 1128: 1125: 1122: 1119: 1116: 1113: 1110: 1107: 1104: 1103:Irving Fisher 1101: 1098: 1095: 1092: 1089: 1086: 1083: 1080: 1077: 1074: 1071: 1068: 1065: 1062: 1059: 1056: 1053: 1050: 1047: 1044: 1041: 1038: 1035: 1032: 1031:F. W. Taussig 1029: 1026: 1023: 1022: 1020: 1016: 1009: 1006: 1003: 1000: 997: 994: 991: 990:John B. Clark 988: 985: 982: 979: 976: 975: 973: 969: 965: 958: 953: 951: 946: 944: 939: 938: 935: 923: 920: 918: 915: 913: 910: 908: 905: 903: 900: 898: 897:Merton Miller 895: 893: 892:Myron Scholes 890: 888: 885: 884: 882: 878: 872: 869: 867: 864: 862: 859: 857: 854: 852: 849: 847: 844: 842: 839: 838: 836: 834: 830: 824: 821: 819: 816: 814: 813:Anthony Downs 811: 809: 806: 804: 801: 799: 796: 795: 793: 791: 787: 781: 778: 776: 775:Steven Levitt 773: 771: 768: 766: 763: 761: 758: 756: 755:Sherwin Rosen 753: 751: 750:Thomas Sowell 748: 746: 745:James Heckman 743: 741: 738: 736: 733: 732: 730: 728: 724: 718: 715: 713: 710: 708: 705: 704: 702: 700: 696: 690: 687: 685: 684:David Laidler 682: 680: 677: 675: 672: 670: 667: 665: 662: 660: 659:Anna Schwartz 657: 655: 652: 651: 649: 647: 643: 637: 634: 632: 629: 627: 624: 622: 619: 617: 614: 613: 611: 607: 603: 596: 591: 589: 584: 582: 577: 576: 573: 564: 555: 554: 550: 543: 537: 532: 526: 525:0-309-08699-X 522: 518: 515: 511: 508: 505: 504: 491: 484: 480: 469: 465: 461: 457: 452: 447: 443: 439: 434: 430: 426: 421: 418: 414: 410: 406: 403:(5): S7–S36, 402: 398: 391: 386: 383: 379: 375: 371: 367: 363: 358: 357: 351: 349: 342: 337: 329: 327: 322: 320: 316: 312: 307: 305: 301: 296: 294: 290: 286: 282: 278: 274: 270: 267: 263: 262:Sherwin Rosen 253: 247: 242: 238: 235: 231: 227: 224: 220: 216: 215:Luis Garicano 212: 208: 204: 201: 195: 192: 189: 183: 180: 175: 171: 168: 165: 159: 156: 153: 149: 146: 143: 139: 134: 130: 125: 115: 111: 106: 93: 89: 85:Sherwin Rosen 82: 73: 70: 62: 52: 48: 42: 41: 35: 30: 21: 20: 1789:Janet Currie 1765:Janet Yellen 1759:Ben Bernanke 1699:Angus Deaton 1650: 1644:2001–present 1306:Frank Knight 1288:Paul Douglas 1234:Alvin Hansen 1180:Edwin F. Gay 1079:John H. Gray 1073:David Kinley 841:Ronald Coase 823:Bryan Caplan 780:Roland Fryer 765:John A. List 754: 735:Jacob Mincer 712:Robert Fogel 689:Scott Sumner 664:Karl Brunner 616:Frank Knight 547: 516: 489: 483: 444:(1): 34–55, 441: 437: 428: 424: 400: 396: 365: 361: 344: 339: 335: 323: 308: 297: 261: 260: 118:(2001-03-17) 65: 56: 37: 1816:2001 deaths 1811:1938 births 1783:Susan Athey 1705:Robert Hall 1598:Amartya Sen 1443:James Tobin 1240:Jacob Viner 907:Eugene Fama 866:Robert Bork 740:Gary Becker 626:Jacob Viner 557:2001– 2002 250:Relatives: 230:Information 151:Institution 51:introducing 1805:Categories 1771:David Card 646:Monetarism 475:References 97:1938-09-29 59:March 2013 34:references 1477:1976–2000 1316:1951–1975 1155:1926–1950 1018:1901–1925 971:1886–1900 549:President 446:CiteSeerX 382:222454869 321:in 1997. 269:economist 163:tradition 609:Founders 507:Obituary 468:39481486 283:and its 254:(cousin) 199:students 197:Doctoral 185:Doctoral 551:of the 417:1829907 187:advisor 47:improve 1791:(2024) 1785:(2023) 1779:(2022) 1773:(2021) 1767:(2020) 1761:(2019) 1755:(2018) 1749:(2017) 1743:(2016) 1737:(2015) 1731:(2014) 1725:(2013) 1719:(2012) 1713:(2011) 1707:(2010) 1701:(2009) 1695:(2008) 1689:(2007) 1683:(2006) 1677:(2005) 1671:(2004) 1665:(2003) 1659:(2002) 1653:(2001) 1636:(2000) 1630:(1999) 1624:(1998) 1618:(1997) 1612:(1996) 1606:(1995) 1600:(1994) 1594:(1993) 1588:(1992) 1582:(1991) 1576:(1990) 1570:(1989) 1564:(1988) 1558:(1987) 1552:(1986) 1546:(1985) 1540:(1984) 1534:(1983) 1528:(1982) 1522:(1981) 1516:(1980) 1510:(1979) 1504:(1978) 1498:(1978) 1492:(1977) 1486:(1976) 1469:(1975) 1463:(1974) 1457:(1973) 1451:(1972) 1445:(1971) 1439:(1970) 1433:(1969) 1427:(1968) 1421:(1967) 1415:(1966) 1409:(1965) 1403:(1964) 1397:(1963) 1391:(1962) 1385:(1961) 1379:(1960) 1373:(1959) 1367:(1958) 1361:(1957) 1355:(1956) 1349:(1955) 1343:(1954) 1337:(1953) 1331:(1952) 1325:(1951) 1308:(1950) 1302:(1949) 1296:(1948) 1290:(1947) 1284:(1946) 1278:(1945) 1272:(1944) 1266:(1943) 1260:(1942) 1254:(1941) 1248:(1940) 1242:(1939) 1236:(1938) 1230:(1937) 1224:(1936) 1218:(1935) 1212:(1934) 1206:(1933) 1200:(1932) 1194:(1931) 1188:(1930) 1182:(1929) 1176:(1928) 1170:(1927) 1164:(1926) 1147:(1925) 1141:(1924) 1135:(1923) 1129:(1922) 1123:(1921) 1117:(1920) 1111:(1919) 1105:(1918) 1099:(1917) 1093:(1916) 1087:(1915) 1081:(1914) 1075:(1913) 1069:(1912) 1063:(1911) 1057:(1910) 1051:(1909) 1045:(1908) 1039:(1906) 1033:(1904) 1027:(1902) 1010:(1900) 1004:(1898) 998:(1896) 992:(1894) 986:(1893) 980:(1886) 523:  466:  448:  415:  380:  275:, the 36:, but 464:S2CID 413:JSTOR 393:(PDF) 378:S2CID 266:labor 244:Notes 141:Field 521:ISBN 126:, US 113:Died 107:, US 91:Born 456:doi 405:doi 370:doi 366:107 232:at 1807:: 462:, 454:, 442:82 440:, 429:71 427:, 411:, 401:87 399:, 395:, 376:, 364:, 350:. 295:. 279:, 956:e 949:t 942:v 594:e 587:t 580:v 458:: 407:: 372:: 99:) 95:( 72:) 66:( 61:) 57:( 43:.

Index

references
inline citations
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Chicago, Illinois
South Side, Chicago
Labor economics
University of Chicago
Chicago School of Economics
Purdue University
H. Gregg Lewis
Richard Thaler
Justin Yifu Lin
Kevin M. Murphy
Luis Garicano
Antoinette Schoar
Jennifer Roback Morse
Information
IDEAS / RePEc
Joseph Epstein
labor
economist
University of Chicago
University of Rochester
Stanford University
Hoover Institution
University of Chicago
American Economic Association
Purdue University

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