Booth, Alison L; Chatterji, Monojit - C.E.P.R. Discussion Papers - 1997
-post monopsonistic power in wage determination. Local union-firm wage bargaining ensures that the post-training wage is set sufficiently …The paper examines the optimal level of training investment when trained workers are mobile, wage contracts are time … has ex-post monopsonistic power that drives trained workers’ wages below the socially-optimal level. The emergence of …