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| Author: | Bhaskar, V. To, T. |
| Title: | Oligopsony and the distribution of wages |
| Journal: | European Economic Review
2003 : APR, VOL. 47:2, p. 369-394 |
| Index terms: | Pay differentials Minimum wage Labour Theories Models |
| Language: | eng |
| Abstract: | This paper proposes a simple model of wage dispersion arising from oligopsonistic competition in the labor market. This model has workers who are equally able but who have heterogeneous preferences for non-wage characteristics, while employers have heterogeneous productivity characteristics. The equilibrium wage distribution is completely and explicitly solved for and shown that "inside" and "outside" forces interact in wage determination. This interaction generates spillover effects of minimum wages in a manner which is consistent with the empirical evidence. |
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