Theories of Pay and Unemployment: Survey Evidence from Swedish Manufacturing Firms
An interview survey was designed to explore how personnel managers and senior wage negotiators respond to popular models of the labor market. As in A. S. Blinder and D. H. Choi (1990), the authors' results indicate that relative wages and notions of fairness are important, and that this may explain nominal wage rigidity. The authors find much evidence of efficiency wage mechanisms. The reactions to some questions also point to theories based on rent-sharing. Moreover, while underbidding is not that uncommon, firms seem quite unwilling to hire underbidders. The authors also obtain indications of adverse selection problems. Copyright 1995 by The editors of the Scandinavian Journal of Economics.
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|Date of creation:||Apr 1993|
|Date of revision:|
|Contact details of provider:|| Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden|
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- Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard, 1986. "Fairness as a Constraint on Profit Seeking: Entitlements in the Market," American Economic Review, American Economic Association, vol. 76(4), pages 728-41, September.
- George A. Akerlof, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, Oxford University Press, vol. 97(4), pages 543-569.
- repec:oup:restud:v:57:y:1990:i:3:p:381-402 is not listed on IDEAS
- Alan S. Blinder & Don H. Choi, 1989.
"A Shred of Evidence on Theories of Wage Stickiness,"
NBER Working Papers
3105, National Bureau of Economic Research, Inc.
- Alan S. Blinder & Don H. Choi, 1990. "A Shred of Evidence on Theories of Wage Stickiness," The Quarterly Journal of Economics, Oxford University Press, vol. 105(4), pages 1003-1015.
- Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005.
"Unemployment: Macroeconomic Performance and the Labour Market,"
Oxford University Press, number 9780199279173, July.
- Layard, Richard & Nickell, Stephen & Jackman, Richard, 1991. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780198284345, July.
- Agell, Jonas & Lundborg, Per, 1992. "Fair wages, involuntary unemployment and tax policies in the simple general equilibrium model," Journal of Public Economics, Elsevier, vol. 47(3), pages 299-320, April.
- Assar Lindbeck, 1993. "Unemployment and Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121751, June.
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