The standard efficient contract involving a monopolistic firm and a union has always been derived under the assumption that the firm operates efficiently, i.e. it uses fully its labor force. However, nothing constrains the firm to do so and production with under-utilization of labor may actually...

Starting from the problem of existence of a Walrasian equilibrium in relation to the question of survival, the consequences of imposing a minimum real income are studied within the framework of a simple macro-economic model with a disaggregated labor market. Two solutions are considered to face...

The consequences of imposing a minimum real income are studied within the framework of a general equilibrium model in which unemployment is compensated by transfers. With a disaggregated labor market, the equilibrium distribution of employment and real wages is characterized, depending on th...