Job Competition, Hold-ups and Efficiency
نویسنده
چکیده
We consider an auction-theoretic model of the labour market to study hold-up problems in markets with frictions. Firms have to invest in capital before they can advertise a job, while unemployed workers apply for jobs by bidding in auctions. This non-cooperative application procedure generates a distribution of applicants across jobs, and our aim is to investigate how the competition among applicants affects the investment decisions of firms. ∗I would like to thank Ramon Marimon, Giuseppe Bertola, John Kennes, Klaus Kultti, Christopher Pissarides and seminar participants at the SED Meeting in Alghero, Italy, the University of Helsinki and the Zeuthen Meeting at the University of Copenhagen for useful comments and discussions. All remaining errors are mine.
منابع مشابه
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