Wage Determination and Capital Decisions in a Dynamic Monopoly Union Model (with an Application to Greek Manufacturing)
This paper uses a dynamic monopoly union model to analyze the joint determination of wages, employment and investment in the absence of binding contracts. The union maximizes a utilitarian utility function while the firm faces a neoclassical investment problem with adjustment costs. Concentrating on noncommitment equilibria. we solve for Markov strategies. When the model is tested for Greek manufacturing during the period 1954-1991, the data do not reject the theoretical predictions
Year of publication: |
1995-01-01
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Authors: | JAFAREY, Saqib ; KASKARELIS, Yannis ; MIAOULI, Natasha |
Institutions: | Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain |
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