O
Oaxaca wage decomposition (J3, J7)
A method of distinguishing wage differences due to human capital characteristics from those based on DISCRIMINATION.
References
Oaxaca, R. with Ransom, M. (1994) ‘On discrimination and decomposition of wage differentials’, Journal of Econometrics, 61: 5–21.
objective function (D0, E0)
A statement in equation form of a dependent variable which has to be maximized or minimized by independent variables attaining optimal values. In the case, e.g. of a UTILITY FUNCTION, utility is the dependent variable to be maximized and quantities of different goods are the independent variables which have to be optimally combined.
objectives of firms (L2)
What a FIRM has as its aim or target. PROFIT MAXIMIZATION is assumed ...
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