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Estimating The Wage Elasticity Of Labour Supply To A Firm What Evidence Is There For Monopsony
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Book Synopsis Estimating the wage elasticity of labour supply to a firm : what evidence is there for monopsony? by : Alison L. Booth
Download or read book Estimating the wage elasticity of labour supply to a firm : what evidence is there for monopsony? written by Alison L. Booth and published by . This book was released on 2010 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we estimate the elasticity of the labour supply to a firm, using data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey. Estimation of this elasticity is of particular interest not only in its own right but also because of its relevance to the debate about the competitiveness of labour markets. The essence of monopsonistically competitive labour markets is that labour supply to a firm is imperfectly elastic with respect to the wage rate. The intuition is that, where workers have heterogeneous preferences or face mobility costs, firms can offer lower wages without immediately losing their workforce. This is in contrast to the perfectly competitive extreme, in which the elasticity is infinite. Therefore a simple test of whether labour markets are perfectly or imperfectly competitive involves estimating the elasticity of the labour supply to a firm. We find that the Australian wage elasticity of labour supply to a firm is around 0.71, only slightly smaller than the figure of 0.75 reported by Manning (2003) for the UK. These estimates are so far from the perfectly competitive assumption of an infinite elasticity that it would be difficult to make a case that labour markets are perfectly competitive.
Book Synopsis Monopsony in Motion by : Alan Manning
Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Book Synopsis Monopsony in Movers by : Ihsaan Bassier
Download or read book Monopsony in Movers written by Ihsaan Bassier and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide new estimates of the separations elasticity, a proximate determinant of the labor supply facing a firm with respect to hourly wage, using matched Oregon employer-employee data. Existing estimates using individual wage variation may be biased by mismeasured wages and use of wage variation unrelated to firm choices. We estimate the impact of the firm component of wage variation on separations using both firm fixed effects estimated from a wage equation as well as a matched IV event study around employment transitions between firms. Separations are a declining function of firm wage policies: we find that the implied firm-level labor supply elasticities generated are around 4, consistent with recent experimental and quasi-experimental evidence, and that they are approximately 3 to 4 times larger that those using individual wages. Further, we find lower separations elasticities for low wage workers, high turnover sectors, and periods of economic downturn but with little heterogeneity by urban status or labor market concentration. We conclude that monopsonistic competition is pervasive, and largely independent of forces driving classical monopsony.
Book Synopsis Monopsonistic Labour Markets and the Gender Pay Gap by : Boris Hirsch
Download or read book Monopsonistic Labour Markets and the Gender Pay Gap written by Boris Hirsch and published by Springer Science & Business Media. This book was released on 2010-04-05 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates models of spatial and dynamic monopsony and their application to the persistent empirical regularity of the gender pay gap.
Book Synopsis Is There Monopsony in the Labor Market? by : Joanne Spetz
Download or read book Is There Monopsony in the Labor Market? written by Joanne Spetz and published by . This book was released on 1999 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: A variety of recent theoretical and empirical advances have renewed interest in monopsonistic models of the labor market. However, there is little direct empirical support for these models, even in labor markets that are textbook examples of monopsony. We use an exogenous change in wages at Veterans Affairs hospitals as a natural experiment to investigate the extent of monopsony in the nurse labor market. In contrast to much of the prior literature, we estimate that labor supply to individual hospitals is quite inelastic, with short-run elasticity around 0.1. We also find that non-VA hospitals responded to the VA wage change by changing their own wages
Book Synopsis Evidence-based Policy Making in Labor Economics by : Daniel S. Hamermesh
Download or read book Evidence-based Policy Making in Labor Economics written by Daniel S. Hamermesh and published by Bloomsbury Publishing. This book was released on 2017-09-07 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence-based Policy Making in Labor Economics distills and condenses the best thinking and research on labor economic issues to enable decision makers make better informed policy decisions. Written by well-known labor economists worldwide, research findings on key policy issues are presented in a compact and readable format, as distillations of comprehensive evidence-based research with concise policy recommendations. Designed to act as a quick reference, this guide brings together summaries of over 100 articles published on IZA World of Labor to give busy policymakers and political advisors worldwide instant access to reliable and up-to-date guidance on key policy topics including: asylum and immigration policy, youth unemployment and life-long learning, innovation, and technological change.
Book Synopsis Monopsony in Labor Markets by : Brianna L. Alderman
Download or read book Monopsony in Labor Markets written by Brianna L. Alderman and published by Cambridge University Press. This book was released on 2024-02-15 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of monopsony power results in lower wages and other forms of compensation, as well as reduced employment. Wealth is transferred from workers to their employers. In addition, the employer's output is reduced, which leads to increased prices for consumers. Monopsony in Labor Markets demonstrates that elements of monopsony are pervasive and explores the available antitrust policy options. It presents the economic and empirical foundations for antitrust concerns and sets out the relevant antitrust policy. Building on this foundation, it examines collusion on compensation, collusive no-poaching agreements, and the inclusion of non-compete agreements in employment contracts. It also addresses the influence of labor unions, labor's antitrust exemption, which permits the exercise of countervailing power, and the consequences of mergers to monopsony. Offering a thorough explanation of antitrust policy, this book identifies the basic economic problems with monopsony in labor markets and explains the remedies currently available.
Book Synopsis Modern Labour Economics by : Peter Sloane
Download or read book Modern Labour Economics written by Peter Sloane and published by Routledge. This book was released on 2013-03-05 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labour economics as a discipline has changed dramatically in recent years. Gone are the days of a "job for life". These days, firms and employees are part of a less regulated, more fluid, and more international labour market. Knowledge, training, human resource development and human capital are all major factors on the contemporary scene. This new textbook is the first properly international textbook to reflect these swingeing changes. Its key areas of concentration include: the increasing importance of human capital including education and occupational choice the major subdivision of personnel economics including economic inactivity and absenteeism comparative cross country studies and the impact of globalization and migration on national labour markets equal opportunities and issues of discrimination on the basis of race, gender and disability conflict at work, including both strikes and, uniquely, individual disputes. Other issues explored include the supply and demand of labour, wages, the current role of trade unions, bargaining and conflict, and working time. The book is written in a clear, accessible way with some mathematical exposition, reflecting the text’s grounding in current microeconomic theory. The book also contains case studies designed to illuminate theoretical concepts and exercises and discussion questions to test the students understanding of the various concepts outlined in the text.
Book Synopsis Dynamic Monopsony by : Fathi Fakhfakh
Download or read book Dynamic Monopsony written by Fathi Fakhfakh and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Wage-setting Power of Firms by : Ihsaan Bassier
Download or read book The Wage-setting Power of Firms written by Ihsaan Bassier and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using administrative tax records from South Africa for the period 2011-14, I find that firm wage premia explain 25 per cent of the total wage variance, 60 per cent of the gender wage gap, and 40 per cent of the gap between workers in the middle and the bottom of the income distribution. Next, I argue that in contrast to the rent-sharing literature, many studies of monopsony fail to use firm-level wage variation. I address this by using the estimated firm wage premia to estimate how wages are related to rent-sharing and monopsony power. I find that the average worker switching from a firm in the 25th percentile to the 75th percentile in profitability is paid 32 per cent more; and that the same switch across the distribution of monopsony, as measured by the Herfindahl-Hirschman Index in industry-by-local labour market hires, decreases wages by 10 per cent on average. When monopsony is measured using a separations approach, I find a labour supply elasticity of 0.75, suggesting substantial wage-setting power. Finally, I provide additional evidence supporting the applicability of the monopsony model in explaining these results. Differences in labour supply elasticities across gender and income groups account remarkably well for the corresponding average gaps in firm wage premia, and unions substantially increase rent-sharing in firms.
Book Synopsis Finite Wage Elasticity of Labor Supply to the Firm by : Robert G. James
Download or read book Finite Wage Elasticity of Labor Supply to the Firm written by Robert G. James and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joan Robinson first suggested that the labor supply curve for a firm may be upward sloping with a finite wage elasticity. Recently, a rapidly growing volume of microeconomics studies have found empirical support for Robinson's suggestion. This paper develops two macroeconomic implications. First, owners of non-labor resources receive rents above their contribution to production. Thus, estimates of non-labor productivity that utilize market returns have a bias. Second, deceased wage elasticity of labor supply for firms may amplify and/or cause recessions. Implementing policies to reverse a decreased elasticity may be an appropriate response to a recession. Empirical evidence from recessions is found to be consistent with finite pro-cyclical wage elasticity.
Book Synopsis Monopsony in Labor Markets by : Anna Sokolova
Download or read book Monopsony in Labor Markets written by Anna Sokolova and published by . This book was released on 2019 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: When jobs offered by different employers are not perfect substitutes in the minds of workers, employers gain wage-setting power; the extent of this power can be captured by the elasticity of labor supply that each employer faces. Estimates of this parameter reported by the literature vary broadly. We collect 801 estimates from published studies, record 20 aspects of each study's design and perform Bayesian Model Averaging to show that this observed variation is systematic and can be attributed to four groups of factors. First, estimates depend on methodologies used by the researchers: different specifications produce systematically different results that are also affected by whether the study employs an identification strategy; the choice between linear and non-linear estimation techniques also matters. Second, estimates vary with the underlying data: labor markets seem to be more competitive in Europe, and less competitive in developing countries - compared to the US, Canada and Australia. The market for medical workers appears to be more monopsonistic compared to others. Third, there is evidence of publication bias in parts of the literature, which results in negative estimates of supply elasticities receiving lower probability of being reported, and a (slightly) exaggerated mean. Fourth, estimates seem to vary with study quality, with top journals publishing higher estimates and studies using larger data sets producing more evidence of competitive behavior.
Book Synopsis The Minimum Wage and Labor Market Outcomes by : Christopher J. Flinn
Download or read book The Minimum Wage and Labor Market Outcomes written by Christopher J. Flinn and published by MIT Press. This book was released on 2011-02-04 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a search and bargaining model to assess the welfare effects of minimum wage changes and to determine an “optimal” minimum wage. In The Minimum Wage and Labor Market Outcomes, Christopher Flinn argues that in assessing the effects of the minimum wage (in the United States and elsewhere), a behavioral framework is invaluable for guiding empirical work and the interpretation of results. Flinn develops a job search and wage bargaining model that is capable of generating labor market outcomes consistent with observed wage and unemployment duration distributions, and also can account for observed changes in employment rates and wages after a minimum wage change. Flinn uses previous studies from the minimum wage literature to demonstrate how his model can be used to rationalize and synthesize the diverse results found in widely varying institutional contexts. He also shows how observed wage distributions from before and after a minimum wage change can be used to determine if the change was welfare-improving. More ambitiously, and perhaps controversially, Flinn proposes the construction and formal estimation of the model using commonly available data; model estimates then enable the researcher to determine directly the welfare effects of observed minimum wage changes. This model can be used to conduct counterfactual policy experiments—even to determine “optimal” minimum wages under a variety of welfare metrics. The development of the model and the econometric theory underlying its estimation are carefully presented so as to enable readers unfamiliar with the econometrics of point process models and dynamic optimization in continuous time to follow the arguments. Although most of the book focuses on the case where only the unemployed search for jobs in a homogeneous labor market environment, later chapters introduce on-the-job search into the model, and explore its implications for minimum wage policy. The book also contains a chapter describing how individual heterogeneity can be introduced into the search, matching, and bargaining framework.
Book Synopsis What Does the Minimum Wage Do? by : Dale Belman
Download or read book What Does the Minimum Wage Do? written by Dale Belman and published by W.E. Upjohn Institute. This book was released on 2014-07-07 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belman and Wolfson perform a meta-analysis on scores of published studies on the effects of the minimum wage to determine its impacts on employment, wages, poverty, and more.
Book Synopsis Sex Differences in Pay in a "New Monopsony" Model of the Labor Market by : Michael R. Ransom
Download or read book Sex Differences in Pay in a "New Monopsony" Model of the Labor Market written by Michael R. Ransom and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 2010-12-14 with total page 1141 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis Estimating Labor Market Power by : José A. Azar
Download or read book Estimating Labor Market Power written by José A. Azar and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Job differentiation gives employers market power, allowing them to pay workers less than their marginal productivity. We estimate a differentiated jobs model using application data from Careerbuilder.com. We find direct evidence of substantial job differentiation. Without the use of instruments for wages, job applications appear very inelastic with respect to wages. Plausible instruments produce elastic firm-level application supply curves. Under some assumptions, the implied market level labor supply elasticity is 0.5, while the firm level labor elasticity is 4.8. This suggests that workers may produce 21% more than their wage level, consistent with significant monopsony power.
