Short-Run Production Uncertainty and the Theory of the Firm : The Impact of Union-Firm Bargaining
AbstractThe paper analyses the consequence of introducing (decentralized) union-firm bargaining in the theory of the firm under uncertainty. Contrary to earlier beliefs that short-run output does not change with additive uncertainty, it is shown that risk preference may matter when union-firm bargaining is introduced Comparative statics between risk-averse (or risk-loving) and unions are revealed to depend on the respective power of the fixation of both wage and employment.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1991017.
Date of creation: 01 Dec 1991
Date of revision:
enterprises; risk; trade unions; wages;
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