G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1615
DP1615 Booms and Busts in the UK Housing Market
John Muellbauer; Anthony Murphy
发表日期1997-03-27
出版年1997
语种英语
摘要The paper examines the optimal level of training investment when trained workers are mobile, wage contracts are time-consistent, and training comprises both specific and general skills. It is shown that, in the absence of a social planner, the firm has ex-post monopsonistic power that drives trained workers? wages below the socially-optimal level. The emergence of trade union bargaining at the firm level can increase social welfare, however, by counterbalancing the firm?s ex-post monopsonistic power in wage determination. Local union-firm wage bargaining ensures that the post-training wage is set sufficiently high to deter at least some quits, so that the number of workers the firm trains is nearer the socially-optimal number. The paper therefore sheds some light on the stylized facts that unions are associated with fewer quits and more firm-provided training.
关键词Efficiency Monopsony Quits Trade unions Training Wages
URLhttps://cepr.org/publications/dp1615
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530752
推荐引用方式
GB/T 7714
John Muellbauer,Anthony Murphy. DP1615 Booms and Busts in the UK Housing Market. 1997.
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