Oligopsony and Monopsonistic Competition in Labor Markets | Zendy

V. Bhaskar | Zendy; Alan Manning | Zendy; Ted To | Zendy

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Oligopsony and Monopsonistic Competition in Labor Markets

Author(s) -

V. Bhaskar,

Alan Manning,

Ted To

Publication year - 2002

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/0895330027300

Subject(s) - monopsony , economics , competition (biology) , wage dispersion , wage , labour economics , preference , microeconomics , efficiency wage , ecology , biology

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.

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