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Regret and Jubilation in Union Wage Bargaining

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Beenstock, Michael

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Abstract

On the whole, union bargaining models have been constructed out of utilitarian axioms. This paper explores the implications of a more general utility function according to which individuals rejoice over successful outcomes and regret unfavorable ones. Under certain circumstances, this gives rise to a series of wage rounds in which current wages depend on past wages. The model also suggests an asymme try in which benign shocks raise wages rather than employment, while adverse shocks raise unemployment rather than lower wages. Copyright 1988 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 40 (1988)
Issue (Month): 2 (June)
Pages: 296-301
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Handle: RePEc:oup:oxecpp:v:40:y:1988:i:2:p:296-301

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This page was last updated on 2009-12-15.

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