English, Article edition: Search, Concave Production, and Optimal Firm Size Eric Smith

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Search, Concave Production, and Optimal Firm Size
Author
  • Eric Smith
Physical Description
  • article
Notes
  • This paper demonstrates that in a free entry search and bargaining economy with concave production firms over-employ. Bargaining allows the worker's wage to depend upon marginal productivity. As such, with strictly concave production, the wage declines as firms employ more labour. Firms react to this declining wage function by choosing an inefficiently large number of workers. However, in equilibrium, fewer firms are likely to enter causing aggregate employment and vacancies to fall. (Copyright: Elsevier)
  • search, Bargaining, labor hoarding, minimum wages, unions
  • RePEc:red:issued:v:2:y:1999:i:2:p:456-471
Language
  • English
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