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Oligopsony and monopsonistic competition in labor markets

Bhaskar, V.; Manning, A.; To, T.; (2002) Oligopsony and monopsonistic competition in labor markets. Journal of Economic Perspectives , 16 (2) pp. 155-174. 10.1257/0895330027300. Green open access

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Abstract

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.

Type: Article
Title: Oligopsony and monopsonistic competition in labor markets
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/0895330027300
Publisher version: http://dx.doi.org/10.1257/0895330027300
Language: English
Additional information: Copyright © 2002 AEA. Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author. Copyrights for components of this work owned by others than AEA must be honored. Abstracting with credit is permitted. The author has the right to republish, post on servers, redistribute to lists and use any component of this work in other works. For others to do so requires prior specific permission and/or a fee. Permissions may be requested from the American Economic Association Business Office. Permissions may be requested from the American Economic Association Business Office.
Keywords: JEL classification: J42, J15, J64, J31, J38. Discrimination, employment, labor markets, minimum wage, oligopsony, wage
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/15468
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