This paper explores whether the common belief that the currently observed fertility drop is a threat (or, conversely, the invoked fertility recovery is beneficial) for PAYG pensions is really always validated by the basic accounting of the PAYG pension budget. It is shown, through a simple...

This paper studies how unionisation structures that differ in the de-gree of wage setting centralisation interplay with the strategic choice of production capacity by firms and how this affects product market outcomes. When labour markets are unionised and firms compete in quantities, they...

This paper studies the dynamic interaction between product market competition and incentives against shirking. It is shown that efficiency wages can both increase and decrease when competition becomes fiercer. Instead, discretionary bonuses do not vary with competition but there exists an upper...

In a standard OLG model of a small open economy with logarithmic utility and endogenous fertility we show that the reversion of the relationship between fertility and wages (i.e. a transition from the Malthusian to the Modern fertility behaviour) may be possible in presence of intergenerational...

A standard Cobb Douglas labour market model is used to examine the role of changes in prices and productivity on the stability. It is shown that in this walrasian labour market deterministic endogenous economic fluctuations, which are seemingly stochastic, emerge. Therefore it may be argued that...

In this paper we investigate the effects of two popular labour market institutions – namely, Monopoly Union and Efficient Bargaining – on market and welfare outcomes in a Cournot duopoly. We show that depending on values of the union power, the Monopoly Union institution may be preferred by...

This paper studies a three-stage duopoly game with managerial delegation and unions that can be either decentralized or industry-wide. Main findings point out the opposite role played by the introduction of managerial delegation according to the different nature of unionization structure. While...

We consider a unionised duopoly with efficient bargaining at the firm level (i.e. negotiations both on wage and employment). We show that if the target of unions is the total wage bill, then, as expected, consumer surplus and social welfare are the same of when the labour market is...

Since in many countries - plagued by low fertility - significant increases of the mandatory retirement age have been recently introduced with the declared objective to sustain PAYG pension budgets, then in this paper we investigate whether and how such boosts are effective. It is shown - in the...

The present study analyses the effects on social welfare of the existence of cross-participation at ownership level in a Cournot duopoly. We show that crossparticipation, despite it lowers the degree of competition by reducing total output and consumer surplus, may increases social welfare,...