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dc.contributor.authorIoannides, Yannis M.en
dc.contributor.authorPissarides, Christopher A.en
dc.creatorIoannides, Yannis M.en
dc.creatorPissarides, Christopher A.en
dc.date.accessioned2019-05-03T05:22:18Z
dc.date.available2019-05-03T05:22:18Z
dc.date.issued1985
dc.identifier.urihttp://gnosis.library.ucy.ac.cy/handle/7/47443
dc.description.abstractWe consider the relation between wages and productivity by means of a model based on the following assumptions. Workers live for 2 periods, firms live forever, senior workers differ nontrivially from junior, seniority enhances workers’ expected second-period earnings, both firms" and workers recognize the prospect of promotion and the senior-junior wage differential at the time of hiring, and firms have monopsony power in hiring junior workers. We show that senior wages are equal to the senior marginal product, but junior wages are set below the junior marginal product by an amount that depends on the elasticity of the firm’s labor supply. © 1985 by The University of Chicago. All rights reserved.en
dc.language.isoengen
dc.sourceJournal of Labor Economicsen
dc.titleMonopsony and the lifetime relation between wages and productivityen
dc.typeinfo:eu-repo/semantics/article
dc.identifier.doi10.1086/298072
dc.description.volume3
dc.description.startingpage91
dc.description.endingpage100
dc.author.facultyΣχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
dc.author.departmentΤμήμα Οικονομικών / Department of Economics
dc.type.uhtypeArticleen
dc.contributor.orcidPissarides, Christopher A. [0000-0002-0695-058X]
dc.description.totalnumpages91-100
dc.gnosis.orcid0000-0002-0695-058X


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