We examine the impact of changes in minimum wages regulation on unionized workers. The bargaining process between the management and the union is modeled as an alternating-offers bargaining game over employment and wage. We find that the equilibrium wage is equal to the minimum wages and that an...

We examine some policy issues pertaining to joint product development between domestic firms. We show that under a joint venture the probability of success is lower compared to that under competitive R&D. Moreover, the social surplus may also be lower under cooperative product development. These...