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The Industry Equilibrium of the Labor-Managed Firm in Monopolistic Competition under Demand Uncertaiy

Author

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  • Suyeol Ryu

    (Busan Development Institute)

Abstract

This study contrasts the comparative statics results with the Mai(1993) ones in a perfectly competitive labor-managed(LM) industry and the Ishii(1991) ones in a monopolistically competitive profit-maximizing(PM) industry. First, some results in a perfectly competitive LM industry. One of difference between the results in two industries comes from the fact that depends on whether any firm in the industry may affect the market price or not. Second, this study also shows that some results in a monopolistically competitive PM industry do not generally carry over to a LM industry.

Suggested Citation

  • Suyeol Ryu, 2002. "The Industry Equilibrium of the Labor-Managed Firm in Monopolistic Competition under Demand Uncertaiy," Korean Economic Review, Korean Economic Association, vol. 18, pages 285-303.
    • Handle: RePEc:kea:keappr:ker-200212-18-2-05
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    More about this item

    Keywords

    labor-managed firm; monopolistic competition; industry equilibrium; demand uncertainty; risk aversion;
    All these keywords.

    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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