Download or read book Monopsony in Professional Labor Markets written by Sylvia Allegretto and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rolling waves of consolidation have significantly decreased the number of hospital systems in the U.S. potentially affecting industry quality, prices, efficiency, wages and more. This research concerns the growth in hospital system consolidation in local labor markets and its effect on registered nurse wages. We first use a nonparametric preprocessing data step via matching methods to define MSA-specific samples of workers analogous to nurses outside of the hospital sector. This step enables an accounting of heterogeneous MSA-specific baseline wage growth, and yields a standardized measure of nurse wage growth across MSAs used to set up a multi-site quasi-experiment. We then run a parsimonious linear model; market size matters, for every 0.1 increase in consolidation in smaller-MSAs, real hourly nurse wage growth decreased by $0.70 (p-value of 0.038). Though not the primary aim of this study, a secondary finding is that real hourly wages for nurses grew less than that of comparable workers by $4.08.
Download or read book Monopsony in Labor Markets written by Brianna L. Alderman and published by Cambridge University Press. This book was released on 2024-02-15 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of monopsony power results in lower wages and other forms of compensation, as well as reduced employment. Wealth is transferred from workers to their employers. In addition, the employer's output is reduced, which leads to increased prices for consumers. Monopsony in Labor Markets demonstrates that elements of monopsony are pervasive and explores the available antitrust policy options. It presents the economic and empirical foundations for antitrust concerns and sets out the relevant antitrust policy. Building on this foundation, it examines collusion on compensation, collusive no-poaching agreements, and the inclusion of non-compete agreements in employment contracts. It also addresses the influence of labor unions, labor's antitrust exemption, which permits the exercise of countervailing power, and the consequences of mergers to monopsony. Offering a thorough explanation of antitrust policy, this book identifies the basic economic problems with monopsony in labor markets and explains the remedies currently available.
Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Download or read book Monopsony written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-24 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Monopsony According to the principles of economics, a monopsony is a market structure in which a single buyer controls the market to a significant degree by acting as the primary purchaser of products and services that are supplied by a large number of potential suppliers. Assuming that a single entity is the lone purchaser of an item or service, the microeconomic theory of monopsony establishes that this firm possesses market power over all other sellers. This is a power that is comparable to that of a monopolist, who has the ability to influence the price for its buyers in a monopoly, which is a situation in which several buyers have only one seller of a product or service accessible to purchase something from. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Monopsony Chapter 2: Labour economics Chapter 3: Microeconomics Chapter 4: Minimum wage Chapter 5: Perfect competition Chapter 6: New Keynesian economics Chapter 7: Phillips curve Chapter 8: Employment Chapter 9: Classical general equilibrium model Chapter 10: Efficiency wage Chapter 11: Marginal revenue productivity theory of wages Chapter 12: Edward Chamberlin Chapter 13: Bilateral monopoly Chapter 14: Labour market flexibility Chapter 15: Goodwin model (economics) Chapter 16: Factor market Chapter 17: Inequality of bargaining power Chapter 18: Labor demand Chapter 19: Alan Manning Chapter 20: Shapiro-Stiglitz theory Chapter 21: Francis Kramarz (II) Answering the public top questions about monopsony. (III) Real world examples for the usage of monopsony in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Monopsony.
Download or read book The Real Thin Theory written by Alan Manning and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monopsony Job Tasks and Labor Market Concentration written by Samuel Dodini and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the literature on monopsony and labor market concentration by taking a task-based approach and estimating the causal effect of concentration in the demand for skills on labor market outcomes. The prior literature has focused on industry and occupation concentration and likely overstates the degree of monopsony power, since worker skills are substitutable across different firms, occupations, and industries. Exploiting linked employer-employee data that cover the universe of Norwegian workers over time, we find that our job task-based measure shows lower degrees of concentration than the conventional industry-and occupation-based measures. We also find that the gender gap in concentration is substantially larger using this measure. Exploiting mass layoffs and establishment closures as exogenous shocks to local labor demand, we show that workers who experience a mass separation have substantially worse subsequent labor market outcomes when they are in more concentrated labor markets defined by skill clusters. Our results point to the existence of employer market power in the economy that is driven by the concentration of skill demand across firms.
Download or read book Is There Monopsony in the Labor Market written by Joanne Spetz and published by . This book was released on 1999 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: A variety of recent theoretical and empirical advances have renewed interest in monopsonistic models of the labor market. However, there is little direct empirical support for these models, even in labor markets that are textbook examples of monopsony. We use an exogenous change in wages at Veterans Affairs hospitals as a natural experiment to investigate the extent of monopsony in the nurse labor market. In contrast to much of the prior literature, we estimate that labor supply to individual hospitals is quite inelastic, with short-run elasticity around 0.1. We also find that non-VA hospitals responded to the VA wage change by changing their own wages
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.
Download or read book A Reexamination of Monopsony written by Zhongzheng Lin and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monopsony in the U S Labor Market written by Chen Yeh and published by . This book was released on 2022 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper quantifies the extent to which the U.S. manufacturing labor market is characterized by employer market power and how such market power has changed over time. We find that the vast majority of U.S. manufacturing plants operate in a monopsonistic environment and, at least since the early 2000s, the labor market in U.S. manufacturing has become more monopsonistic. To reach this conclusion, we exploit rich administrative data for U.S. manufacturers and estimate plant-level markdowns—the ratio between a plant’s marginal revenue product of labor and its wage. In a competitive labor market, markdowns would be equal to unity. Instead, we find substantial deviations from perfect competition, as markdowns average 1.53. This result implies that a worker employed at the average manufacturing plant earns 65 cents on each dollar generated on the margin. To investigate long-term trends in employer market power, we propose a novel measure for the aggregate markdown that is consistent with aggregate wedges and also incorporates the local nature of labor markets. We find that the aggregate markdown decreased between the late 1970s and the early 2000s, but has been sharply increasing since.
Download or read book Economics Second Edition written by Timothy Tregarthen and published by Macmillan. This book was released on 1999-12-23 with total page 760 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the principles of microeconomics and macroeconomics that establishes strong links between theoretical principles and real-world experience, while incorporating clear and consistent international focus throughout the text.
Download or read book Private Government written by Elizabeth Anderson and published by Princeton University Press. This book was released on 2019-04-30 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why our workplaces are authoritarian private governments—and why we can’t see it One in four American workers says their workplace is a “dictatorship.” Yet that number almost certainly would be higher if we recognized employers for what they are—private governments with sweeping authoritarian power over our lives. Many employers minutely regulate workers’ speech, clothing, and manners on the job, and employers often extend their authority to the off-duty lives of workers, who can be fired for their political speech, recreational activities, diet, and almost anything else employers care to govern. In this compelling book, Elizabeth Anderson examines why, despite all this, we continue to talk as if free markets make workers free, and she proposes a better way to think about the workplace, opening up space for discovering how workers can enjoy real freedom.
Download or read book Monopsony in the Labor Market written by Orley C. Ashenfelter and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monopsony in the Labor Market written by Orley Ashenfelter and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the results of nearly a dozen new papers presented at the Sundance Conference on Monopsony in Labor Markets held in October 2018. These papers, to be published as a special issue of the Journal of Human Resources, study various aspects of monopsony and failures of competition in labor markets. It also reports on the new developments in public policies associated with widespread concerns about labor market competition and efforts to ameliorate competitive failures. The conference papers range from studies of the labor supply elasticity individual firms face to studies of local labor market concentration to studies of explicit covenants suppressing labor market competition. New policies range from private and public antitrust litigation to concerns about the effect of mergers and inter-firm agreements on labor market competition. We provide a detailed discussion of the mechanics of the Silicon Valley High Tech Worker conspiracy to suppress competition based on Court documents in the case. Non-compete agreements, which are not enforceable in three states already, have also come under scrutiny.
Download or read book Monopsony in the Labor Market written by Orley C. Ashenfelter and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the results of nearly a dozen new papers presented at the Sundance Conference on Monopsony in Labor Markets held in October 2018. These papers, to be published as a special issue of the Journal of Human Resources, study various aspects of monopsony and failures of competition in labor markets. It also reports on the new developments in public policies associated with widespread concerns about labor market competition and efforts to ameliorate competitive failures. The conference papers range from studies of the labor supply elasticity individual firms face to studies of local labor market concentration to studies of explicit covenants suppressing labor market competition. New policies range from private and public antitrust litigation to concerns about the effect of mergers and inter-firm agreements on labor market competition. We provide a detailed discussion of the mechanics of the Silicon Valley High Tech Worker conspiracy to suppress competition based on Court documents in the case. Non-compete agreements, which are not enforceable in three states already, have also come under scrutiny.
Download or read book Monopsonistic Labour Markets and the Gender Pay Gap written by Boris Hirsch and published by Springer Science & Business Media. This book was released on 2010-04-05 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates models of spatial and dynamic monopsony and their application to the persistent empirical regularity of the gender pay gap.
