Short-Run Production Uncertainty and the Theory of the Firm: The Impact of Union-Firm Bargaining
No 1991017, Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)
The paper analyses the consequence of introducing (decentralized) union-firm bargaining in the theory of the firm under uncertainty. Contrary to earlier beliefs that short-run output does not change with additive uncertainty, it is shown that risk preference may matter when union-firm bargaining is introduced Comparative statics between risk-averse (or risk-loving) and unions are revealed to depend on the respective power of the fixation of both wage and employment.
Keywords: enterprises; risk; trade unions; wages (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:1991017
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