search query: @author Malcolmson, J. M. / total: 2
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| Author: | Malcolmson, J. M. |
| Title: | Contracts, hold-up, and labor markets |
| Journal: | Journal of Economic Literature
1997 : DEC, VOL. 35:4, p. 1916-1957 |
| Index terms: | CONTRACTS LABOUR MARKETS RISK COMPANIES INCOMES |
| Language: | eng |
| Abstract: | This study assesses the implications of the recent hold-up literature for labor markets, which is concerned with contracts to protect the return from investments when there are turnover costs or specific investments and when contracts are both incomplete and renegotiable. Turnover costs are significant in labor markets and the evidence of lagged adjustment in econometric employment equations is corroborating indirect evidence. Renegotiation is always possible if both parties agree to it and is a standard feature of labour markets. |
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