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Social comparisons in oligopsony

Laszlo Goerke () and Michael Neugart ()

Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: Social comparisons matter for workers' valuation of their wage. The consequences of so- cial comparisons in imperfectly competitive markets are less well understood. We analyze an oligopsonistic model of the labor market where workers derive (dis-) utility from comparing their own wage with wages paid at other firms. As social comparisons become more preva- lent all wages rise, the wage distribution becomes more equal, and employment shifts to high productivity firms. Overall welfare increases.

JEL-codes: D62 J22 J42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cta
Date: 2017
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