Oligopsony and Monopsonistic Competition in Labor Markets

V Bhaskar, Alan Manning () and Ted To

Journal of Economic Perspectives, 2002, vol. 16, issue 2, pages 155-174

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.

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