Nash Bargaining, Credible Bargaining and Efficiency wages in a matching model for the US
Sophocles Mavroeidis and
James Malcomson ()
No 776, 2011 Meeting Papers from Society for Economic Dynamics
This paper incorporates Nash bargaining, credible bargaining and efficiency wages as special cases of an over-arching model of wage determination in a matching model that is used to assess econometrically how well each fits US data. With Nash bargaining, estimates for worker bargaining power and the value of non-work activity are almost identical to those calibrated by Hagedorn and Manovskii (AER 2008). However, the over-identifying restrictions are overwhelmingly rejected statistically, as they are for credible bargaining. Efficiency wages fit the data better, with the over-identifying restrictions not rejected statistically, and result in a lower, more plausible estimated value of non-work activity.
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Working Paper: Nash Bargaining, Credible Bargaining and Efficiency Wages in a Matching Model for the US (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed011:776
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