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The Temporal Dimension of Wage Contracts in Oligopoly with Spillovers

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Author Info
Vasileios Zikos () (Dept of Economics, Loughborough University)

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Abstract

This paper examines how the duration of wage contracts influences innovation incentives, wages and employment. We find that wages are non-monotone in the duration of wage contracts. Furthermore, a positive and one-to-one relation between innovation and union utility exists and both attain their highest value under a long-term contract. Profits may vary depending on the extent of R&D spillovers and the associated raising rivals' cost incentive, although they are highest when union/firms engage in a long-term contractual relation. Testable predictions to discriminate between short-term and long-term contracts are also discussed.

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File URL: http://www.lboro.ac.uk/departments/ec/RePEc/lbo/lbowps/Wage_contracts.pdf
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Publisher Info
Paper provided by Department of Economics, Loughborough University in its series Discussion Paper Series with number 2007_04.

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Date of creation: Feb 2007
Date of revision: Feb 2007
Handle: RePEc:lbo:lbowps:2007_04

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Related research
Keywords: Wage contracts; R&D; Spillovers; Raising rivals' cost.;

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Find related papers by JEL classification:
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives

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References listed on IDEAS
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    Other versions:
  4. Justus Haucap & Christian Wey, 2004. "Unionisation structures and innovation incentives," Economic Journal, Royal Economic Society, vol. 114(494), pages C149-C165, 03. [Downloadable!] (restricted)
    Other versions:
  5. Ulph, A. M. & Ulph, D. T., 1994. "Labour markets and innovation: Ex-post bargaining," European Economic Review, Elsevier, vol. 38(1), pages 195-210, January. [Downloadable!] (restricted)
  6. Constantine Manasakis & Vasileios Zikos, 2007. "Unions' and Firms' Attitudes Towards Research Joint Ventures: When Will the Incentives Be Aligned?," LABOUR, CEIS, Fondazione Giacomo Brodolini and Blackwell Publishing Ltd, vol. 21(1), pages 135-156, 03. [Downloadable!] (restricted)
  7. Ulph, Alistair & Ulph, David, 2001. " Strategic Innovation with Complete and Incomplete Labour Market Contracts," Scandinavian Journal of Economics, Blackwell Publishing, vol. 103(2), pages 265-82, June. [Downloadable!] (restricted)
  8. Manning, Alan, 1987. "An Integration of Trade Union Models in a Sequential Bargaining Framework," Economic Journal, Royal Economic Society, vol. 97(385), pages 121-39, March. [Downloadable!] (restricted)
  9. Pal, Debashis, 1998. "Endogenous timing in a mixed oligopoly," Economics Letters, Elsevier, vol. 61(2), pages 181-185, November. [Downloadable!] (restricted)
  10. Oswald, Andrew J, 1982. "The Microeconomic Theory of the Trade Union," Economic Journal, Royal Economic Society, vol. 92(367), pages 576-95, September. [Downloadable!] (restricted)
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