Schlicht, Ekkehart - Volkswirtschaftliche Fakultät, … - 1992
Actual wages typically exceed collectively set standard wages. Standard wages are, therefore, not binding, yet they … seem to influence actual wages strongly. An explanation for this phenomenon is offered along the lines of the Fair Wage …/Effort Hypothesis proposed by G. Akerlof and J. Yellen (1990). It is argued that it is precisely when collectively set wages are …