Wages And Employment In Traditional Agriculture
نویسنده
چکیده
Wages in traditional agrarian societies are often observed to be above reservation wages even in the slack season when markets are in a state of excess labour supply. Models of noncooperative wage setting by landlords which explicitly take account of the costs of supervising hired labour and emphasize worker heterogeneity are developed and analyzed. Conditions are given for the existence of competitive equilibria and their relationship to Nash equilibria. Nash equilibria are shown to be more likely to exist. Nash equilibria exhibit wage dispersion and involuntary underemployment with identical workers earning different wage rates.
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