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| Author: | Booth, A. |
| Title: | Layoffs with payoffs: a bargaining model of union wage and severance pay determination |
| Journal: | Economica
1995 : NOV, VOL. 62:248, p. 551-564 |
| Index terms: | ECONOMICS LAY-OFFS PAYMENT SYSTEMS |
| Language: | eng |
| Abstract: | Popular characterizations of trade union preferences assume that the income of laid-off union members is exogenous. Given the widespread existence of intra-union distribution schemes including severance pay, this paper provides a model of union-firm bargaining in which workers' layoff income is endogenously determined. Where unions and firms bargain over wages and severance pay, workers' incomes are invariant to their employment status, and the wage corresponding to the level of ex post employment is equal to the opportunity cost of labour. |
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