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Differentiation And Risk Aversion In Imperfectly Competitive Labor Markets
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Book Synopsis Differentiation and Risk Aversion in Imperfectly Competitive Labor Markets by : Christina E. Bannier
Download or read book Differentiation and Risk Aversion in Imperfectly Competitive Labor Markets written by Christina E. Bannier and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard and risk-averse agents who have private information on their ability. Two heterogenous firms - characterized by vertical, respectively horizontal, differentiation - compete for agents by offering contracts with fixed and variable payments. The degree of competition then determines the structure of these contracts. Three regions can be distinguished: For low competition, low-ability agents are under-incentivized and exert too little effort. For high competition, high-ability agents are over-incentivized and bear too much risk. For a range of intermediate degrees of competition, however, agents' private information has no impact and contracts are second-best. An equilibrium where both firms are active exists only when the least-cost separating allocation (LCS) is interim efficient. If firms are only vertically differentiated, then the inferior firm is inactive in equilibrium, but its competitive threat still generates the three regions just described. Moreover, an equilibrium in which the inferior firm would not break even when attracting both agent types may exist even when the LCS is not interim efficient. We show that the degrees of vertical and horizontal differentiation have opposite impacts on the condition for interim efficiency of the LCS.
Book Synopsis Labour Contracts, Imperfect Competition in the Product Market, and Involuntary Unemployment by : Kai-Uwe Kühn
Download or read book Labour Contracts, Imperfect Competition in the Product Market, and Involuntary Unemployment written by Kai-Uwe Kühn and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics by : Kiyohiko Nishimura
Download or read book Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics written by Kiyohiko Nishimura and published by Oxford University Press, USA. This book was released on 1992 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behaviour and is thus in line with the newly emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.
Book Synopsis Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics by : Kiyohiko G. Nishimura
Download or read book Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics written by Kiyohiko G. Nishimura and published by Oxford University Press. This book was released on 1995 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behaviour and is thus in line with the newly emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.
Book Synopsis Discrimination in Labor Markets by : Orley Ashenfelter
Download or read book Discrimination in Labor Markets written by Orley Ashenfelter and published by Princeton University Press. This book was released on 2015-03-08 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains revised versions of the papers presented in 1971 at the Princeton University Conference on Discrimination in Labor Markets, and the formal discussions of them. This paper is by Kenneth Arrow, winner of the Nobel Prize in Economics, who lays the theoretical foundations of the economic analysis of discrimination in labor markets. Finis Welch discusses the relationship between schooling and labor market discrimination. Orley Ashenfelter's paper presents a method for estimating the effect of an important institution—trade unionism—on the wages of black workers relative to whites. Ronald Oaxaca provides a framework for measuring the extent of discrimination against women. Finally, Phyllis Wallace examines public policy on discrimination and suggests strategies for public policy in this area. Originally published in 1974. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Book Synopsis The Economics of Imperfect Labor Markets, Third Edition by : Tito Boeri
Download or read book The Economics of Imperfect Labor Markets, Third Edition written by Tito Boeri and published by Princeton University Press. This book was released on 2021-01-26 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The leading textbook on imperfect labor markets and the institutions that affect them—now completely updated and expanded Today's labor markets are witnessing seismic changes brought on by such factors as rising self-employment, temporary employment, zero-hour contracts, and the growth of the sharing economy. This fully updated and revised third edition of The Economics of Imperfect Labor Markets reflects these and other critical changes in imperfect labor markets, and it has been significantly expanded to discuss topics such as workplace safety, regulations on self-employment, and disability and absence from work. This new edition also features engaging case studies that illustrate key aspects of imperfect labor markets. Authoritative and accessible, this textbook examines the many institutions that affect the behavior of workers and employers in imperfect labor markets. These include minimum wages, employment protection legislation, unemployment benefits, family policies, equal opportunity legislation, collective bargaining, early retirement programs, and education and migration policies. Written for advanced undergraduates and beginning graduate students, the book carefully defines and measures these institutions to accurately characterize their effects, and discusses how these institutions are being transformed today. Fully updated to reflect today's changing labor markets Significantly expanded to discuss a wealth of new topics, including the impact of the COVID-19 pandemic Features quantitative examples, new case studies, data sets that enable users to replicate results in the literature, technical appendixes, and end-of-chapter exercises Unique focus on institutions in imperfect labor markets Self-contained chapters cover each of the most important labor-market institutions Instructor's manual available to professors—now with new exercises and solutions
Book Synopsis The Economics of Imperfect Labor Markets by : Tito Boeri
Download or read book The Economics of Imperfect Labor Markets written by Tito Boeri and published by Princeton University Press. This book was released on 2013-09-24 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most labor economics textbooks pay little attention to actual labor markets, taking as reference a perfectly competitive market in which losing a job is not a big deal. The Economics of Imperfect Labor Markets is the only textbook to focus on imperfect labor markets and to provide a systematic framework for analyzing how labor market institutions operate. This expanded, updated, and thoroughly revised second edition includes a new chapter on labor-market discrimination; quantitative examples; data and programming files enabling users to replicate key results of the literature; exercises at the end of each chapter; and expanded technical appendixes. The Economics of Imperfect Labor Markets examines the many institutions that affect the behavior of workers and employers in imperfect labor markets. These include minimum wages, employment protection legislation, unemployment benefits, active labor market policies, working-time regulations, family policies, equal opportunity legislation, collective bargaining, early retirement programs, education and migration policies, payroll taxes, and employment-conditional incentives. Written for advanced undergraduates and beginning graduate students, the book carefully defines and measures these institutions to accurately characterize their effects, and discusses how these institutions are today being changed by political and economic forces. Expanded, thoroughly revised second edition New chapter on labor-market discrimination New quantitative examples New data sets enabling users to replicate key results of the literature New end-of-chapter exercises Expanded technical appendixes Unique focus on institutions in imperfect labor markets Integrated framework and systematic coverage Self-contained chapters on each of the most important labor-market institutions
Author :William A. Darity, Jr. Publisher :Springer Science & Business Media ISBN 13 :940112938X Total Pages :307 pages Book Rating :4.4/5 (11 download)
Book Synopsis Labor Economics: Problems in Analyzing Labor Markets by : William A. Darity, Jr.
Download or read book Labor Economics: Problems in Analyzing Labor Markets written by William A. Darity, Jr. and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: William Darity, Jr. In 1984 the Kluwer series in Modern Economic Thought, under the editorial direction of Warren Samuels, brought out a book under my editorship entitled Labor Economics: Modern Views. It consisted of a series of essays and commentaries that sought, in a critical fashion, to assess the state of the art in the field of labor economics with respect to several themes. These included methodology versus practice, the analysis of discrimination by gender and race, the phenomenon of persistent racial differences in un employment exposure, occupational safety and health regulation, dual versus segmented labor markets, and the remnants of the Phillips curve trade-off between unemployment and inflation. Nearly a decade later I was approached by Warren Samuels and Kluwer about editing a new book that would again address where things stand in labor economics. In proceeding with the development of this current book I was a struck by the extent to which the research thrust that was apparent in the early 1980s remains intact as we move toward the 21st century. The vast majority of scholarship in the labor subfield is dominated by the methodological orientation of applied neoclassical microeconomics, supplemented by incursions from the themes that occupy the so-called "pure theorists," particularly of the game theoretic variety.
Book Synopsis Internal Labor Markets and Manpower Analysis by : Peter B. Doeringer
Download or read book Internal Labor Markets and Manpower Analysis written by Peter B. Doeringer and published by M.E. Sharpe. This book was released on 1985-06 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the institutional aspects of the American labor market. The introduction assesses the major changes since 1971.
Book Synopsis Studies of Labor Market Intermediation by : David H. Autor
Download or read book Studies of Labor Market Intermediation written by David H. Autor and published by University of Chicago Press. This book was released on 2009-12-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the traditional craft hiring hall to the Web site Monster.com, a multitude of institutions exist to facilitate the matching of workers with firms. The diversity of such Labor Market Intermediaries (LMIs) encompasses criminal records providers, public employment offices, labor unions, temporary help agencies, and centralized medical residency matches. Studies of Labor Market Intermediation analyzes how these third-party actors intercede where workers and firms meet, thereby aiding, impeding, and, in some cases, exploiting the matching process. By building a conceptual foundation for analyzing the roles that these understudied economic actors serve in the labor market, this volume develops both a qualitative and quantitative sense of their significance to market operation and worker welfare. Cross-national in scope, Studies of Labor Market Intermediation is distinctive in coalescing research on a set of market institutions that are typically treated as isolated entities, thus setting a research agenda for analyzing the changing shape of employment in an era of rapid globalization and technological change.
Book Synopsis Market Liquidity by : Thierry Foucault
Download or read book Market Liquidity written by Thierry Foucault and published by Oxford University Press. This book was released on 2023 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Book Synopsis Household Production and Consumption by : Nestor E. Terleckyj
Download or read book Household Production and Consumption written by Nestor E. Terleckyj and published by . This book was released on 1975 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Oxford Handbook of Women and the Economy by : Susan L. Averett
Download or read book The Oxford Handbook of Women and the Economy written by Susan L. Averett and published by Oxford University Press. This book was released on 2018-05-15 with total page 889 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transformation of women's lives over the past century is among the most significant and far-reaching of social and economic phenomena, affecting not only women but also their partners, children, and indeed nearly every person on the planet. In developed and developing countries alike, women are acquiring more education, marrying later, having fewer children, and spending a far greater amount of their adult lives in the labor force. Yet, because women remain the primary caregivers of children, issues such as work-life balance and the glass ceiling have given rise to critical policy discussions in the developed world. In developing countries, many women lack access to reproductive technology and are often relegated to jobs in the informal sector, where pay is variable and job security is weak. Considerable occupational segregation and stubborn gender pay gaps persist around the world. The Oxford Handbook of Women and the Economy is the first comprehensive collection of scholarly essays to address these issues using the powerful framework of economics. Each chapter, written by an acknowledged expert or team of experts, reviews the key trends, surveys the relevant economic theory, and summarizes and critiques the empirical research literature. By providing a clear-eyed view of what we know, what we do not know, and what the critical unanswered questions are, this Handbook provides an invaluable and wide-ranging examination of the many changes that have occurred in women's economic lives.
Book Synopsis Staggered Contracts and Business Cycle Persistence by : Kevin Xiaodong Huang
Download or read book Staggered Contracts and Business Cycle Persistence written by Kevin Xiaodong Huang and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomics and Imperfect Competition by : Jean-Pascal Bénassy
Download or read book Macroeconomics and Imperfect Competition written by Jean-Pascal Bénassy and published by Edward Elgar Publishing. This book was released on 1995 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The macroeconomics of imperect competition has become in recent years a most influential paradigm, which many macroeconomists now prefer to the Classical of Keynesian ones, notably because of its clear and rigorous microfoundations. This volume collects and puts into perspective the leading contributions to this important and rapidly expanding field.
Book Synopsis Microeconomic Analysis (Routledge Revivals) by : David Currie
Download or read book Microeconomic Analysis (Routledge Revivals) written by David Currie and published by Routledge. This book was released on 2016-05-20 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1981, this book brings together a collection of essays on microeconomics and development presented at the conference of the Association of University Teachers of Economics. Topics covered include the intergenerational transfer of economic inequality, a review of the recent development in the theory of equity in the economy’s distribution and production process, labour and unemployment, market structure and international trade, taxation and the public sector, Third World industrialisation and Indian agriculture. This book will be of interest to students of Economics and Development Studies.
Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight
Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
