TeamAssigment3_Summary

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Team 3 – Paw Patrol BA501: Microeconomics 1/5 Team Assignment No. 2 Question 1: Please refer to excel for additional details: Figure 1a. Median and Mean Total Income of female and males in 2022 by age groups of 5Y Figure 1b. Graph showing median income of males and females over age groups of 5Y

Team 3 – Paw Patrol BA501: Microeconomics 2/5 Question 2: The graph above shows that there is a gradual increase in pay gap between females and males within 5Y groups increasing with age. There may be multiple potential reasons for this disparity. The ones that came up most commonly in the discussion within the team were: 1. Negative impact of career interruptions and breaks for caregiving responsibilities (birth of a child): These interruptions can lead to a slower career progression, fewer opportunities for promotions, and ultimately lower earnings compared to men who may not experience similar breaks in their careers. 2. Lack of overtime, flexibility or out-of-scope work: Women, especially those with caregiving responsibilities, may opt for reduced hours (less or no extra time, no weekend work, no travel involved) or flexible work arrangements to balance work and family commitments. This choice can result in lower earnings compared to men who may work longer hours or have less interrupted career trajectories, leading to a widening salary gap as individuals progress in their careers. 3. Nonlinear Pay Structures: Based on the assigned reading “A Grand Gender Convergence: Its Last Chapter”, some occupations have highly nonlinear (convex) pay structures regarding hours worked, while others have almost linear pay structures. This means that in certain roles, working additional hours may result in disproportionately higher earnings, while in other roles, the relationship between hours worked and earnings is more linear. If women are more likely to be in occupations with nonlinear pay structures, their decision to work reduced hours or have more flexible schedules could lead to a larger salary gap with age compared to men in occupations with linear pay structures. 4. Implicit Bias and Discrimination: Despite advancements in gender equality, implicit biases and discrimination in the workplace can still influence salary decisions and career outcomes. Women may face challenges in salary negotiations, performance evaluations, and access to leadership roles due to gender stereotypes and biases. These factors can perpetuate the salary gap between men and women, even as individuals reach +45 years of age. Furthermore, over the course of their careers, women may have experienced lower pay, fewer promotions, and limited access to high-paying positions compared to men. These cumulative effects of past gender disparities in earnings and opportunities can contribute to the salary gap persisting into later stages of individuals' careers. Question 3: Part A: Figure 2a. Table 15011 - 2011 ACS and % of Population - Females

Team 3 – Paw Patrol BA501: Microeconomics 3/5 Figure 2b. Table 15011 - 2011 ACS and % of Population – Males Part B: (i) To calculate this, we first calculated the Average Median Income Estimate across age groups and supergroups. The Age groups provided in Figure 1.3 of “The economic value of college majors” were 25-34 and 35-44. We calculated the Average median for the age group 25-39 for each supergroup. Then to align categories with the ACS data in Part A, we combined super groups and averaged them out. Using the representative % of population for women from Part A, we calculated a weighted average of the entire population of women. Please refer to excel for calculations. Figure 3a. Median Income for Women of 25-39Y with a bachelor’s degree. (ii) To calculate this, we first calculated the Average Median Income Estimate across age groups and supergroups. The Age groups provided in Figure 1.3 of “The economic value of college majors” were 25 -34 and 35-44. We calculated the Average median for the age group 25-39 for each supergroup. Then to align categories with the ACS data in Part A, we combined super groups and averaged them out. Using the representative % of population for men from Part A, we calculated a weighted average of the entire population of men. Please refer to excel for calculations. Figure 3b. Median Income for men of 25- 39Y with a bachelor’s degree. (iii) If women majored in the same subjects as men, the average income of women would be higher i.e same as men, $59,144.49. (iv) If men majored in the same subjects as women, the average income of men would be lower i.e same as women, $56,560.00.

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Team 3 – Paw Patrol BA501: Microeconomics 4/5 Part C: One potential conceptual pitfall of women earning more if they majored in the same subjects as men is the assumption that earnings are solely determined by the choice of major. This overlooks the impact of gender stereotypes on hiring, promotion, and salary negotiations. If women in the same major are still subjected to gender bias in the workplace, their earnings may not reflect their qualifications and performance. On the other hand, a potential conceptual pitfall of men having lower earnings if they majored in the same subjects as women is the assumption that gender disparities in earnings are solely due to individual career choices. This overlooks the influence of societal expectations and biases, which may devalue careers traditionally associated with women. Men entering female-dominated fields may face challenges in career progression and salary growth due to gender-based discrimination. In both cases, the conceptual pitfall lies in oversimplifying the complex interplay of individual choices, societal expectations, and workplace biases in determining earnings, without adequately considering the influence of gender stereotypes and discrimination. Finally, another important aspect that is not been considered for this analysis would be the race of the individuals. Question 4: Please refer to excel for detailed calculations. Figure 4. %Median Pay of Females in comparison to males

Team 3 – Paw Patrol BA501: Microeconomics 5/5 Question 5: Goldin's article "A Grand Gender Convergence" explores the significant progress made in narrowing the gender wage gap over time, attributing much of the decline to women's increased human capital and educational attainment. However, the persistence of the wage gap at older ages is linked to factors such as job flexibility, career interruptions, and occupational segregation. The main argument of the article is that changes in the labor market structure and remuneration system are necessary to achieve equality. The author contends that the gender pay gap would be considerably reduced and might vanish altogether if Companies did not disproportionately reward individuals who labor long hours and work under specific schedules. She points out that while this sort of change has been observed in sectors like technology, science, and health, it is less apparent in corporate, financial, and legal industries. In summary, Goldin's argument is based on the idea that altering the structure and remuneration of jobs to enhance temporal flexibility would lead to a reduction in the gender pay gap, ultimately contributing to greater gender equality in the labor market. Question 6: Bertrand's article discusses the advancements in gender equality in the labor market, highlighting two significant challenges for women: (1) the underrepresentation in math-intensive STEM fields and (2) the substantial and enduring loss of labor market earnings when they become mothers. Bertrand argues that these challenges are influenced by persistent gender stereotypes about skills and roles. She emphasizes the need to understand how stereotypes operate and their impact on women's choices, suggesting that skills and preferences are endogenous to gender stereotypes. Bertrand also explains the importance of gender equality in the labor market from both a fairness and efficiency perspective, linking women's labor market access to economic growth. Overall, the author highlights the significance of addressing gender inequalities in the labor market and the role of stereotypes in shaping women's choices.

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