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Topic: Monopsonistic competition


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In the News (Mon 24 Jun 19)

  
 Sample Chapter for Manning, A.: Monopsony in Motion: Imperfect Competition in Labor Markets.
Assuming that firms set wages and are monopsonists, at least in a formal sense, should not be taken to imply that their share of any rents is necessarily large.
In a competitive market these correlations should not exist (abstracting from compensating wage differentials that do not seem to be empirically that important) as the wage should be determined solely by the characteristics of workers.
Competitive models of the labor market do not have a meaningful distinction between these two labor market states but because the unemployed are defined as those with job search intensity above a critical level, the framework of this chapter makes the distinction easy to understand.
www.pupress.princeton.edu /chapters/s7522.html   (8471 words)

  
 RĂ³binson Rojas: Basic knowledge in economics- Free market versus central planning.- RRojas Databank.- .- Tuition ...   (Site not responding. Last check: 2007-10-18)
By and large, two types of markets are considered in the study of economics: a) markets which allow perfect competition b) markets which work in conditions of imperfect competition.
The following are the hypothetical features of a market with perfect competition: number of firms : a very large number type of product : standardized control over price: none conditions of entry: very easy, no obstacles nonprice competition: none examples: none There are three types of imperfect markets, where competition is unfair (imperfect competition).
The three types from the demand side are monopsonistic, oligopsony and pure monopsony.
www.rrojasdatabank.org /bothec04.htm   (1264 words)

  
 Encyclopedia: Unemployment   (Site not responding. Last check: 2007-10-18)
A union (labor union in American English; trade union, sometimes trades union, in British English; either labour union or trade union in Canadian English) is a legal entity consisting of employees or workers having a common interest, such as all the assembly workers for one employer, or all the workers...
Protectionism is the economic policy of protecting a nations manufacturing base from the effects of foreign competition by means of very high tariffs on imported goods, restrictive quotas, or other means of reducing importation.
Finally, high unemployment implies low real Gross Domestic Product: we are not using our resources as completely as possible and are thus wasting our opportunities to produce goods and services that allow people to survive and to enjoy life.
www.nationmaster.com /encyclopedia/Unemployment   (6116 words)

  
 EcoGloss -- Glossary of terms used in economics (M-Q)
Monopolistic competition approximates most of the characteristics of perfect competition, but falls short of reaching the ideal benchmark that is perfect competition.
substitute and in which that single seller is protected from competition by barriers to entry preventing the entry of new firms.
Monopsonistic competition is the somewhat obscure and seldom discussed buying counterpart to a monopolistic competition on the selling side of a market.
academics.vmi.edu /econ/gg/ecogloss/mq.htm   (5404 words)

  
 Learn more about Labor market in the online encyclopedia.   (Site not responding. Last check: 2007-10-18)
Within the overall labor market, particular labor markets are thought to be subject to more normal rules of supply and demand as workers are attracted to change job types in response to differing wages.
Many economists have thought that, in the absence of laws or organisations such as unions to the interfere, labor markets can be close to perfectly competitive in the economic sense - that is, there are many workers and employers both having perfect information about each other and there are no transaction costs.
The competitive assumption leads to clear conclusions - workers earn their marginal product of labor.
www.onlineencyclopedia.org /l/la/labor_market.html   (397 words)

  
 Minimum Wages, Employment and Monopsonistic Competition
Bhaskar and Ted To We set out a model of monopsonistic competition, where each employer competes equally with every other employer.
Keywords: monopsonistic competition, monopsony, oligopsony, labor theory, minimum wage, monopsony.
A PDF version of the paper is downloadable or e-mail (To_T at BLS.GOV) or write me for a copy (Bureau of Labor Statistics, Room 3105, 2 Massachusetts Ave., NE, Washington, DC 20212).
www.theo.to /symmetric   (161 words)

  
 "Minimum Wages, Employment and Monopsonistic Competition"
We set out a model of monopsonistic competition, where each employer competes equally with every other employer.
Conversely, low fixed costs make for a more competitive labor market where minimum wages reduce employment.
This contrasts with the results of a Salop style model with localized employer competition where a minimum wage unambiguously raises employment.
www.bls.gov /ore/abstract/ec/ec030060.htm   (124 words)

  
 ipedia.com: Labour economics Article   (Site not responding. Last check: 2007-10-18)
Many economists have thought that, in the absence of laws or organisations such as unions or large multinational corporations, labour markets can be close to perfectly competitive in the economic sense - that is, there are many workers and employers both having perfect information about each other and there are no transaction costs.
The competitive assumption leads to clear conclusions - workers earn their marginal product of labour.
In microeconomics theory, people are assumed rational and seeking to maximize their utility function.
www.ipedia.com /labour_economics.html   (2674 words)

  
 RePEc
We develop a model of \emph{monopsonistic competition} with \emph{free entry} to analyze the effects of minimum wages, and our predictions fit the empirical results closely.
Under monopsonistic competition, we find that a rise in the minimum wage a) raises employment per firm, b) causes firm exit, c) may increase or reduce industry employment.
Minimum wages increase welfare if they raise industry employment, but welfare effects are ambiguous if employment falls.
www.inomics.com /cgi/repec?handle=RePEc:wpa:wuwpla:9603001   (199 words)

  
 EconPapers: Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition   (Site not responding. Last check: 2007-10-18)
Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition
Keywords: labor theory; minimum wage; monopsony; oligopsony; monopsonistic competition.
This item may be available elsewhere in EconPapers: Search for items with the same title.
econpapers.repec.org /paper/wpawuwpla/9603001.htm   (276 words)

  
 [No title]
We use this to illustrate the conditions under which: (i) the divergence between wages and productivity is an equilibrium phenomena; and (ii) this divergence is increasing in worker ability.
First, we show that, in a stochastic framework, competition always leads to different forms of inefficiency.
Managerial remuneration is tied to a fund's absolute performance and its performance relative to rival funds.
www.econ.bbk.ac.uk /RePEc/bbk/bbkefp/0410.rdf   (4554 words)

  
 Labor Blog: Comment on GOP States Attack Workers Rights   (Site not responding. Last check: 2007-10-18)
Labor market monopsony by itself explains the demand for CB and a political-economic left in general.
What does exist in the real world is monopsonistic competition in labor markets.
And monopsonistic competition in labor markets explains the persisent demand for some kind of labor participation in control of firms (one form of which is collective bargaining).
www.nathannewman.org /cgi-bin/mt-remarks.cgi?entry_id=2367   (450 words)

  
 Oslo Summer School in Comparative Social Science Studies 2005
As a result monopsony rather than perfect competition is the best way to think about 'free' labour markets.
In this lecture I will outline the reasons for thinking that employers have some monopsony power over their workers, introduce some simple 'workhorse' models (both partial and general equilibrium) that can be used to think about the workings of monopsonistic labour markets, and provide an overview of the structure of the rest of the course.
His research has been in many areas of labour economics (details and many of his papers can be found at http://econ.lse.ac.uk/staff/amanning/work/work.html) but his main current interest has been on monopsony in labour market, the basis for this course.
www.sv.uio.no /oss/Museum/2005/manning.html   (940 words)

  
 JEP: SPring 2002   (Site not responding. Last check: 2007-10-18)
Productivity growth has been surprisingly strong in 2001, and the likely trend for the future is in the range of 2.2 to 2.7 percent a year.
We then consider major areas of application of evolutionary thinking, including the analysis of competitive processes in technologically dynamic industries and the evolution of institutions and technologies.
Bhaskar, Alan Manning and Ted To We argue that models of oligopsony or monopsonistic competition provide insights and explanation for many empirical phenomena in labor markets.
www.aeaweb.org /jep/contents/Spring2002.html   (1211 words)

  
 EconPapers: Minimum Wages in a Symmetric Model of Monopsonistic Competition   (Site not responding. Last check: 2007-10-18)
Abstract: We reconsider the employment effect of a minimum wage on employment in a symmetric model of monopsonistic competition, where each employer competes equally with every other employer.
If fixed costs are high (low), the labor market is relatively non-competitive (competitive) and minimum wages increase (decrease) employment.
This contrasts with the results of a Salop style model where a minimum wage unambiguously raises employment.
econpapers.repec.org /paper/esxessedp/548.htm   (218 words)

  
 Oligopsony and Monopsonistic Competition in Labor Markets (SMEALSearch) - Pal,Rangaswamy,Giles,Debnath   (Site not responding. Last check: 2007-10-18)
We argue that models of oligopsony or monopsonistic competition provide insights and explanation for many empirical phenomena in labor markets.
Using a simple model with job differentiation and preference heterogeneity, we illustrate how such models can be employed to explain: the existence of wage dispersion, the persistence of labor market discrimination, market failures in the provision of training, and the anomalous employment effects of minimum wages.
0.4: Minimum Wages, Employment and Monopsonistic Competition - Bhaskar University Of
gunther.smeal.psu.edu /79994.html   (223 words)

  
 Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition
Recent empirical work on the effects of minimum wages has called into question the conventional wisdom that minimum wages invariably reduce employment.
"Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition," Economic Journal, Royal Economic Society, vol.
"Optimal minimum wage in a competitive economy," Working Paper 2004-30, Federal Reserve Bank of Atlanta.
ideas.repec.org /p/wpa/wuwpla/9603001.html   (699 words)

  
 Oligopsony and Monopsonistic Competition in Labor Markets
"Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol.
"Monopolistic Competition with Outside Goods," Bell Journal of Economics, The RAND Corporation, vol.
"Minimum Wages in a Symmetric Model of Monopsonistic Competition," Economics Discussion Papers 548, University of Essex, Department of Economics.
ideas.repec.org /a/aea/jecper/v16y2002i2p155-174.html   (757 words)

  
 Publications and Working Papers
"Oligopsony and Monopsonistic Competition in Labor Markets." Journal of Economic Perspectives, 2002, 16(2), pp.
To, Theodore and Bhaskar, V. "Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition." Economic Journal, 1999, 109, pp.
"Multi-Period Competition with Switching Costs: An Overlapping Generations Formulation." Journal of Industrial Economics, 1996, 44, pp.
www.bls.gov /pir/publications.htm   (3519 words)

  
 Minimum Wages, Employment and Monopsonistic Competition (SMEALSearch) - Pal,Rangaswamy,Giles,Debnath   (Site not responding. Last check: 2007-10-18)
Minimum Wages, Employment and Monopsonistic Competition (SMEALSearch) - Pal,Rangaswamy,Giles,Debnath
Keywords: monopsonistic competition, labor theory, minimum wages, monopsony...
0.4: Oligopsony and Monopsonistic Competition in Labor Markets - Bhaskar Alan Manning
gunther.smeal.psu.edu /40346.html   (274 words)

  
 SSRN-Minimum Wages, Employment and Monopsonistic Competition by V. Bhaskar, Ted To
SSRN-Minimum Wages, Employment and Monopsonistic Competition by V. Bhaskar, Ted To Untitled
Bhaskar, V. and To, Ted, "Minimum Wages, Employment and Monopsonistic Competition" (August 2003).
Email address for TED TO Bureau of Labor Statistics
papers.ssrn.com /sol3/Delivery.cfm/SSRN_ID443002_code030918690.pdf?abstractid=443002&mirid=3   (250 words)

  
 Minimum Wages for Ronald McDonald Monopsonies (ResearchIndex)   (Site not responding. Last check: 2007-10-18)
A Theory of Monopsonistic Competition V. Bhaskar Ted To August 1998
We develop a model of monopsonistic competition with free entry to analyze the effects of minimum wages, and our predictions fit the empirical results closely.
@misc{ monopsonistic-minimum, author = "Theory Of Monopsonistic", title = "Minimum Wages for Ronald McDonald Monopsonies", url = "citeseer.ist.psu.edu/639315.html" }
citeseer.ist.psu.edu /639315.html   (152 words)

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