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allocations. This leads us to consider competitive forces as a disciplinary device for households. Competition of households for …
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Collective consumption decisions taken by the members of a household may prove inefficient. The impact of such inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when household decisions are inefficient, namely when household...
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In this paper we study how promoting product market competition by reducing mark-ups or by increasing productivity are …
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We integrate individual power in groups into general equilibrium models. The relationship between group formation, resource allocation, and the power of specific individuals or particular sociological groups is investigated. We introduce, via an illustrative example, three appealing concepts of...
Persistent link: https://www.econbiz.de/10010484493
We develop a product market theory that explains why firms invest in general training of their workers. We consider a … employees and finally engage in imperfect product market competition. Equilibria with and without training, and multiple … equilibria can emerge. If competition is sufficiently soft and trained workers are substitutes, firms may invest in non …
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