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Wage bargaining with discount rates varying in time under exogenous strike decisions

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Abstract

In this paper, we present a non-cooperative wage bargaining model in which preferences of both parties, a union and a firm, are expressed by sequences of discount factors varying in time. We determine subgame perfect equilibria for three cases when the strike decision of the union is exogenous : the case when the union is supposed to go on strike in each period in which there is a disagreement, the case when the union is committed to go on strike only when its own offer is rejected, and the case when the union is supposed to go never on strike.

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Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 12013.

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Length: 22 pages
Date of creation: Feb 2012
Date of revision:
Handle: RePEc:mse:cesdoc:12013

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Keywords: Union; firm bargaining; strike; alternating offers; varying discount rates; subgame perfect equilibrium.;

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  1. Levy, Anat & Shapley, Lloyd S, 1997. "Individual and Collective Wage Bargaining," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(4), pages 969-91, November.
  2. Peter Cramton & Joseph S. Tracy, 1994. "Wage Bargaining with Time-Varying Threats," Papers of Peter Cramton 94jolew, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998.
  3. Raquel Fernandez & Jacob Glazer, 1989. "Striking for a Bargain Between Two Completely Informed Agents," NBER Working Papers 3108, National Bureau of Economic Research, Inc.
  4. Sopher, Barry, 1990. "Bargaining and the Joint-Cost Theory of Strikes: An Experimental Study," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 8(1), pages 48-74, January.
  5. Robinson, James A, 1999. "Dynamic Contractual Enforcement: A Model of Strikes," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(1), pages 209-29, February.
  6. McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
  7. Harold Houba & Quan Wen, 2008. "On striking for a bargain between two completely informed agents," Economic Theory, Springer, Springer, vol. 37(3), pages 509-519, December.
  8. Bolt, Wilko, 1995. "Striking for a Bargain between Two Completely Informed Agents: Comment," American Economic Review, American Economic Association, vol. 85(5), pages 1344-47, December.
  9. Cripps, Martin W, 1997. "Bargaining and the Timing of Investment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 527-46, August.
  10. Haller, Hans & Holden, Steinar, 1990. "A letter to the editor on wage bargaining," Journal of Economic Theory, Elsevier, vol. 52(1), pages 232-236, October.
  11. Conlin, Michael & Furusawa, Taiji, 2000. "Strategic Delegation and Delay in Negotiations over the Bargaining Agenda," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 18(1), pages 55-73, January.
  12. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 18(2), pages 155-162, April.
  13. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-94, October.
  14. Hayes, Beth, 1984. "Unions and Strikes with Asymmetric Information," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 2(1), pages 57-83, January.
  15. Doiron, Denise J, 1992. "Bargaining Power and Wage-Employment Contracts in a Unionized Industry," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 33(3), pages 583-606, August.
  16. Holden Steinar, 1994. "Bargaining and Commitment in a Permanent Relationship," Games and Economic Behavior, Elsevier, vol. 7(2), pages 169-176, September.
  17. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, 9.
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