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Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition
Recent empirical work on the effects of minimum wages has called into question the conventional wisdom that minimum wages invariably reduce employment. We develop a model of \emph{monopsonisticExpand
Informational Constraints and the Overlapping Generations Model: Folk and Anti-Folk Theorems
This paper analyses the sustainability of inter-generational transfers in Samuelson's consumption-loan model when agents are imperfectly informed about past events. We find that with mildExpand
Oligopsony and monopsonistic competition in labor markets
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 andExpand
If workers are concerned about their relative wage, this can give rise to continuum of natural rates of unemployment that are perfect foresight equilibria. These equilibria can be Pareto ranked inExpand
Privatization and employment: a study of the Jute industry in Bangladesh
This paper analyzes the effect of privatization upon employment in the Bangladeshi jute textile industry. Privatization was partia and the selection of mills which were privatized was not based onExpand
On Endogenously Staggered Prices
064 Taylor's model of staggered contracts is an influential explanation for nominal inertia and the persistent real effects of nominal shocks. However, in standard imperfect competition models, ifExpand
Marriage as a Rat Race: Noisy Premarital Investments with Assortative Matching
We study the efficiency of premarital investments when parents care about their child’s marriage prospects, in a large frictionless marriage market with nontransferable utility. Stochastic returns toExpand
Sex Selection and Gender Balance
We model the equilibrium sex ratio when parents can choose the sex of their child. With intrinsic son preference, sex selection results in a male-biased sex ratio. This is inefficient due to aExpand
Promises and cooperation: Evidence from a TV game show
We study the role of communication in a high stakes prisoner’s dilemma, using data from a television game show. 40 Percent of the players voluntarily promise to cooperate, and these players are 50Expand
The economic functioning of online drugs markets
The economic functioning of online drug markets using data scraped from online platforms is studied. Analysis of over 1.5 million online drugs sales shows online drugs markets tend to functionExpand