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Contracts, hold-up and labor markets

Record type: Monograph (Discussion Paper)

The implications for labor markets of contracts to avoid hold-up of investments are assessed. Employment at will protects the returns on a firm's general and specific investments without wages increasing with tenure. With turnover costs, fixed but renegotiable wages can protect general investments by both firm and employee, and generage wage stickiness without adversely affecting employment. Employment contracts that induce efficient specific investments by both firm and employee are problematic so it makes sense, wherever possible, for one side to make all such investments. With private information, fixed wages may induce fewer inefficient separations than employment at will.

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Citation

Malcomson, J.M. (1997) Contracts, hold-up and labor markets , Southampton, UK University of Southampton (Discussion Papers in Economics and Econometrics, 9703).

More information

Published date: January 1997

Identifiers

Local EPrints ID: 33177
URI: http://eprints.soton.ac.uk/id/eprint/33177
PURE UUID: 81b23876-75ee-4ec3-8b4c-86852fa74264

Catalogue record

Date deposited: 25 Jan 2008
Last modified: 17 Jul 2017 15:53

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Contributors

Author: J.M. Malcomson

University divisions


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