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Labor- and Product-Market Structure and Excess Labor

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  • Segendorff, Björn

    (Dept. of Economics, Stockholm School of Economics)

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    Abstract

    This study analyzes under what labor- and product-market structures a firm may hire more labor than needed to produce its profit maximizing output. Three labor-market structures are studied: (1) decentralized (firm-specific unions), (2) one-sided centralization (central union and several firms), and (3) centralized (central union and employers' association). Excess labor is explained by the risk-sharing motive that in the model exists between the risk-averse workers and the risk-neutral firm owner. Labor may be excessively hired in any of the labor-market structures and under a wide range of product-market structures; duopoly, oligopoly etc.

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    Bibliographic Info

    Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 249.

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    Length: 19 pages
    Date of creation: 31 Aug 1998
    Date of revision:
    Handle: RePEc:hhs:hastef:0249

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    Related research

    Keywords: Efficient wage bargaining; centralization; market power; technical efficiency.;

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