search query: @indexterm JOB SEARCH / total: 127
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| Author: | Chalkley, M. |
| Title: | Monopsony wage determination and multiple unemployment equilibria in a non-linear search model. |
| Journal: | Review of Economic Studies
1991 : JAN, VOL. 58:193, p. 181-193 |
| Index terms: | JOB SEARCH WAGE DETERMINATION EMPLOYMENT |
| Language: | eng |
| Abstract: | The analysis of wage determination in a search environment is extended to the case where firms employ numerous individuals and benefit from team production. It is shown that monopsony wage offers may display perverse comparative statics properties. Interesting problems then arise concerning the uniqueness of search equilibria. These problems are addressed in a simple equilibrium setting where it is shown that multiple equilibria may exist, with an equilibrium that displays bootstrap properties. The results suggest the possibility of explaining unsatisfactory equilibria as the consequence of profit-maximizing wage choices in environments with imperfectly coordinated trading. |
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