What is a fair wage? Reference points, entitlements and gift exchange
نویسندگان
چکیده
منابع مشابه
Gift Exchange and the Business Cycle: The Fair Wage Strikes Back
We extend the benchmark RBC model amending the technology for e ciency wage considerations. The disutility of e ort depends on current, alternative and past wages. Past wages are treated as the worker's past wages (personal norm case) or as the past wages of the society (social norm case). This last model reproduces the high variability of employment, the low variability of wages and the low wa...
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We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift-exchange equilibria in favor of the monetary equilibrium. We ...
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ژورنال
عنوان ژورنال: Journal of Behavioral and Experimental Economics
سال: 2016
ISSN: 2214-8043
DOI: 10.1016/j.socec.2016.06.002