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Journal of Economic Perspectives: Vol. 16 No. 2 (Spring 2002)

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Oligopsony and Monopsonistic Competition in Labor Markets

Article Citation

Bhaskar, V., Alan Manning, and Ted To. 2002. "Oligopsony and Monopsonistic Competition in Labor Markets." Journal of Economic Perspectives, 16(2): 155-174.

DOI: 10.1257/0895330027300

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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Authors

Bhaskar, V. (University of Essex, Colchester, United Kingdom)
Manning, Alan (Centre for Economic Performance, London School of Economics, London, United Kingdom)
To, Ted (Bureau of Labor Statistics, Washington, D.C., USA)

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