| Institution: | 1. Tel Aviv University, Israel;2. National University of Singapore, Singapore;3. Chinese University of Hong Kong, China (Hong Kong)Junjian Yi acknowledges financial support from the National University of Singapore FASS Start‐up Grant, HSS Grant, and FRC Grant. Junsen Zhang acknowledges financial support from a FIS grant from the Chinese University of Hong Kong. We are grateful to the editor and three anonymous referees for valuable comments. We thank Lena Edlund for valuable comments in the early stage of this study. Yair Antler and Rann Smorodinsky provided help in developing the model. We also received comments from participants in the Labor Working Group Meeting at the University of Chicago, the University of Hong Kong, the University of Chicago‐Renmin Symposium on Family and Labor Economics, the 2013 Econometric Society Asian meeting, and the 2013 Conference on Chinese Economy at CUHK. |
