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Minimum Wages, Efficiency and Welfare
Econometrica, 2022Many argue that minimum wages can prevent efficiency losses from monopsony power. We assess this argument in a general equilibrium model of oligopsonistic labor markets with heterogeneous workers and firms. We decompose welfare gains into an efficiency component that captures reductions in monopsony power and a redistributive ...
Berger, David +2 more
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Efficiency Wages and Wage Dispersion
Economica, 1991The efficiency wage hypothesis has normally been used to generate an equilibrium level of unemployment. The authors use it, instead, to generate an equilibrium wage distribution. This paper starts by generalizing the previous work of R. M. Solow in this area.
Ramaswamy, Ramana, Rowthorn, Robert E
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Efficiency Wages and Local Wage Bargaining
The Scandinavian Journal of Economics, 1996Summary: In the literature on wage drift, it is often argued that strikes or work-to-rule practices are used to force employers to pay a wage rate that exceeds the contract wage. Here, we introduce the efficiency wage argument as a foundation for bargaining about wage drift.
Muysken, Joan, van Veen, Tom
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EFFICIENCY WAGES AND EQUILIBRIUM WAGES
Economic Inquiry, 1991We present a labor market model that allows as special cases a market paying equilibrium wages, one paying disequilibrium efficiency wages, and a market combining the two. Our analysis indicates that industrial wage differentials are not necessarily evidence of efficiency wages.
DAN A. BLACK, JOHN E. GAREN
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Efficiency Wages and Inequality
2013Since the seminal articles of Stiglitz (1974, 1976), Solow (1979, 1980), Akerlof (1982), Shapiro and Stiglitz (1984), Akerlof and Yellen (1985) and Summers (1988), efficiency wage approaches have been considered as providing a major explanation for involuntary unemployment.
Meeusen, Wim, Stavrevska, Vesna
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Efficiency Wages and the Inter-Industry Wage Structure
Econometrica, 1988This paper empirically tests and rejects classical competitive theories of wage determination by examining differences in wages for equally skilled workers across industries. Human capital earnings functions are estimated using cross-sectional and longitudinal data from the CPS and QES.
Krueger, Alan B, Summers, Lawrence H
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2005
AbstractPersonnel management has always pertained to the use of wages to ‘recruit, retain, and motivate’ workers. There are many factors why a company may gain by paying wages above the market-clearing level. When worker effort is tough to observe, better motivation could not be well achieved by the posting of bonds or steeply sloping earning profiles.
Richard Layard +2 more
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AbstractPersonnel management has always pertained to the use of wages to ‘recruit, retain, and motivate’ workers. There are many factors why a company may gain by paying wages above the market-clearing level. When worker effort is tough to observe, better motivation could not be well achieved by the posting of bonds or steeply sloping earning profiles.
Richard Layard +2 more
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Absenteeism, Efficiency Wages and Shirking
The Scandinavian Journal of Economics, 1994We investigate the absence behaviour of workers when there is asymmetric information regarding worker health. An individual's health is assumed to be private information to that individual and only observable to a third party at cost. Our aim is to complement the existing, largely empirical, studies of absence behaviour, which have tended to treat the ...
Barmby T, Sessions J, Treble J
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