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Modern Models of Monopsony in Labor Markets: A Brief Survey

Orley Ashenfelter (), Henry S Farber () and Michael Ransom ()
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Henry S Farber: Princeton University

No 4915, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: This brief survey contains a review of several new empirical papers that attempt to measure the extent of monopsony in labor markets. As noted originally by Joan Robinson, monopsonistic exploitation represents the gap between the value of a worker's marginal product and the worker's wage, and it represents both a distortion in the allocation of resources and an income transfer away from workers. The evidence surveyed from a fairly broad range of labor markets suggests that monopsony may be far more pervasive than is sometimes suggested.

Keywords: imperfect labor markets; monopsony (search for similar items in EconPapers)
JEL-codes: J31 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2010-04
New Economics Papers: this item is included in nep-lab and nep-ltv
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Published - published as 'Labor Market Monopsony' in: Journal of Labor Economics, 2010, 28 (4), 203 - 210

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