Oligopsony and the distribution of wages |
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Authors: | V Bhaskar |
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Institution: | a Department of Economics, University of Essex, Wivenhoe Park, Colchester CO4 3SQ, UK b Division of Price and Index Number Research, Bureau of Labor Statistics, 2 Massachusetts Avenue, NE, Washington, DC 20212, USA |
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Abstract: | We propose a simple model of wage dispersion arising from oligopsonistic competition in the labor market. Our model has workers who are equally able but who have heterogeneous preferences for non-wage characteristics, while employers have heterogeneous productivity characteristics. We completely and explicitly solve for the equilibrium wage distribution and show that “inside” and “outside” forces interact in wage determination. This interaction generates spillover effects of minimum wages in a manner which is consistent with the empirical evidence. |
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Keywords: | J23 J42 L13 |
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