haku: @author Schultz, C. / yhteensä: 6
viite: 6 / 6
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| Tekijä: | Schultz, C. |
| Otsikko: | Wages and employment in a repeated game with revenue fluctuations |
| Lehti: | European Economic Review
1997 : JAN, VOL. 41:1, p. 147-162 |
| Asiasana: | BUSINESS CYCLES PAY EMPLOYMENT REVENUE TRADE UNIONS |
| Kieli: | eng |
| Tiivistelmä: | The real wage is suggested to be surprisingly flat over the business cycle by empirical investigations. The paper analyzes a repeated game btw. a union and a firm which can contribute to explaining the flat wage. The parties cannot enter binding contracts, and revenue is fluctuating. The paper focuses on the best subgame-perfect equilibrium among those sharing the expected surplus in given fixed shares. It is shown that this equilibrium has a more counter-cyclical wage, than what would be the case if the parties shared the surplus in each period in the same shares. |
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