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Wage Determination and Capital Decisions in a Dynamic Monopoly Union Model

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  • Saqib Jafarey

    (University of Essex, U.K.)

  • Yannis Kaskarelis

    (University of Macadonia, Greece)

  • Natasha Miaouli

    (Athens University of Economics and Business, Greece)

Abstract

This paper uses a dynamic monopoly union model to analyse the joint determination of wages, employment and investment in the absence of binding contracts. The union maximizes a utilitarian utility function while the firm faces a neoclassical investment problem with adjustment costs. Concentrating on noncommitment equilibria, we solve for Markov strategies. When the model is tested for Greek manufacturing during the period 1954-1993, the data do not reject the theoretical predictions.

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Bibliographic Info

Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 2 (1998)
Issue (Month): 1 (Summer)
Pages: 73-89

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Handle: RePEc:ekn:ekonom:v:2:y:1998:i:1:p:73-89

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Web page: http://www.ekonomia.ucy.ac.cy/
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