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Wage Determination and Capital Decisions in a Dynamic Monopoly Union Model (with an Application to Greek Manufacturing)

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Listed:
  • JAFAREY, Saqib

    (University of Essex)

  • KASKARELIS, Yannis

    (University of Macedonia)

  • MIAOULI, Natasha

    (Athens University of Economics and Business)

Abstract

This paper uses a dynamic monopoly union model to analyze the joint determination of wages, employment and investment in the absence of binding contracts. The union maximizes a utilitarian utility function while the firm faces a neoclassical investment problem with adjustment costs. Concentrating on noncommitment equilibria. we solve for Markov strategies. When the model is tested for Greek manufacturing during the period 1954-1991, the data do not reject the theoretical predictions

Suggested Citation

  • JAFAREY, Saqib & KASKARELIS, Yannis & MIAOULI, Natasha, 1995. "Wage Determination and Capital Decisions in a Dynamic Monopoly Union Model (with an Application to Greek Manufacturing)," LIDAM Discussion Papers CORE 1995007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1995007
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